Tax Write-Offs For The Self-Employed

This video will cover all the write-off categories for the self-employed tax form, Schedule C, which is filed with the individual personal Form 1040.  For more FREE start-up, accounting and tax videos, CLICK HERE for the uTDu Channel.

For many of the write-offs, there are more in-depth videos about how to calculate the write-off, which are referred to throughout out the course. This content is from our online video Self-Employed Tax Course. For everything you need to know about self-employed taxes, CLICK HERE to check out our course!

Write-Offs: General

This video covers the write-off categories as listed on the self-employed business form. The categories include: Advertising, Vehicle Expenses, Commissions and fees, Contract Workers, Employees, Certain Taxes, Depreciation and Amortization on Assets like Computers, Furniture and Phones, Interest, Insurance, Travel, Meals & Entertainment, Rent, Office Expenses, Supplies, Legal and Professional Services & Other.

Write-Offs: Qualified

The general IRS requirements for business expenses are that the expense must be, BOTH:
1. Ordinary... Expense that is common and accepted in your trade or business or industry.
2. Necessary... Expense that is helpful and appropriate for your trade or business. The expense does not have to be required.