Page 17 - Tax Information for Business
P. 17

Types of business expenses to deduct













                                                                   What can I
                                                                    deduct?

                                               Need help to                        Cost of Goods
                                              file your taxes.                          Sold.






                                        Other types of                                        Capital
                                           business
                                          expenses.                 Sample                  Expenses.
                                                                      Text




                                               Business use                         Personal vs
                                                                                     Business
                                                of your car.                         Expneses.

                                                                 Business use
         If you do not carry on the                              of your home.                                 Special limits
         activity to make a profit,                                                                            apply to what
         you must report all of the
         gross income (without                                                                                 expenses for a not-
         deductions) from the                                                                                  for-profit activity
         activity on Form 1040 or                                                                              are deductible.
         1040-SR, line 21.                                                                                                           15
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