Question

Self-Employed Business Expenses

Forum|Forum|2 years ago
August 30, 2023
1 reply
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I started my business two years ago, and every year, I find myself scrambling to categorize all of my business expenses come tax time. This year, I started a spreadsheet to keep bookkeeping more organized, but I want to make sure I'm thinking of everything. What business expense categories should I be keeping track of year-round? I know marketing/advertising, travel, insurance, etc.? Thanks for any help!

Ask the Experts - Self-Employed - Aug 2023

Donna F 77

Expenses that are allowable for your business are expenses that are ordinary and necessary. You should be keeping track of all ordinary and necessary expenses for your line of work. Some common expenses are Advertising, Bank fees, Interest, Rent, Insurance, Travel, Communications (internet, phone, etc), Wages, Payroll Taxes, Contract Labor, Office expenses, Accounting, Legal, etc. Here's a link to the IRS answer:

https://www.irs.gov/pub/irs-pdf/p535.pdf

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