All expenses must meet the IRS definition of ordinary and necessary to be deductible.
1. ADVERTISING & MARKETING
This includes website expenses, business cards, promotional material, social media, etc.
2 DUES & SUBSCRIPTIONS
This includes routine fees for software, trade organizations, merchant (credit card) fees, etc.
3 LABOR EXPENSE
This includes employees and independent contractors.
4. PROFESSIONAL DEVELOPMENT
This includes classes and training’s taken to develop skills related to your business.
5. PROFESSIONAL FEES
This includes legal, accounting, consulting and other professionals.
6. MEALS (50%)
Meals with a business purpose that meet the IRS definition are deductible at 50%.
7. OFFICE EQUIPMENT & SUPPLIES
This includes computers, printers, furniture, paper, ink, pens, staples,postage, etc.
8. OFFICE OVERHEAD
This includes rent and utilities for office space, telephone, etc.