Schedule C Tax Deductions

If you own your own business, some additional tax deductions apply to you. These are claimed directly on your business schedule, called a Schedule C. (Note: Farmers use Schedule F and owners of rental property use Schedule E.)

• Advertising and promotional costs
• Business liability insurance
• Legal and professional services
• Car and truck expenses
• Wages, employment taxes, employee benefit plans and contributions to employee retirement plans
• Home office expenses
• Depreciations

For other tax deductible items, see the schedules. There are many rules and limitations pertaining to some of these tax deductions. Be sure to discuss them with your tax professional. 


  
Certain content Copyright © HRB Digital LLC.  All Rights Reserved.

Laws on this topic may vary from state to state. This content is not meant to provide you with complete information and it is not intended to be legal or tax advice. It is recommended that you consult with your own attorney, accountant or other advisor regarding your specific situation.