Self Employed Business Income and Expenses
Self Employment Income is generally reported by Sole proprietors and Independent contractors
The three requirements for an expense from a trade or business to be deductible from self-employment income are Ordinary, Necessary, and Reasonable
Business Expenses may include:
- Rent
- Business Meals
- Travel
- Foreign Travel
- Entertainment
- Automobile Expenses
- Taxes
- Insurance Expense
- Bad Debts
- Loan Costs
- Business Gifts
- Employee Achievement Awards
- Start-Up and Organizational Costs
- Vacant Land
- Medical Reimbursement Plans