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. 


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