You may be able to claim a deduction of up to $5,000 for start-up and organizational costs. The deduction is reduced by the amount of the start-up costs exceeding $50,000. If you cannot deduct all your costs in the first year the business begins, amortize the remaining costs over 15 years.
Self-Employed Health Insurance
If you are self-employed, you may deduct up to 100% of your medical insurance costs that cover yourself, your spouse, and your dependents as an adjustment to income. To do this, you (and your spouse if filing jointly) must not be eligible for coverage by an employer-subsidized health plan.
You may be able to deduct business travel expenses if you must conduct business away from your tax home. The cost of transportation, lodging, laundry, dry cleaning, and telephone expenses are some of the deductible expenses. Generally, meals are only 50% deductible. If you are subject to the Department of Transportation hours of service limits, you may be able to deduct 80% of your meal expenses.
If you moved at least 50 miles in the last year and your move was job-related, you may be able to deduct the cost of moving your household goods and your traveling expenses. The standard mileage rate for moving is 24 cents per mile.
If you incur entertaining costs for business reasons, you may be able to deduct 50% of that amount. The expense must be considered ordinary or necessary to you profession. Entertainment includes any activity generally considered to provide entertainment, amusement, or recreation.
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