Business owners use Schedule C (Form 1040) which is referred to as a “Profit or Loss from Business.”
Some business expenses that are deductible as stated by Publication 535 are listed below:
· Advertising
· Car and truck expenses (The 2019 standard mileage rate is $0.58 per mile.)
· Insurance
· Legal Fees
· Supplies
· Repairs and maintenance
· Meals
In 2018, the IRS issued a new code, Section 199A, also referred to as Qualified Business Income Deduction (QBI), allows a deduction of 20 percent for certain pass through income.
Please contact us for further information.
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