Money Monday: Deductions for the self employed

Tax Law Changes:

• Itemizing items going by the boards
• Tax prep fees
• Car registration fees
• Home office deduction

One group can still take these deductions: The self employed.

Here is the list of other itemized deductions ONLY the self employed can take now:

• Airline baggage fees
• Health insurance—including long term care
• Professional society membership dues
• Work uniforms
• Car for business use
• Business travel expenses including meals, lodging, laundry and business calls.
• Work-related entertainment and gifts

Helpful links: 

• https://www.investopedia.com/articles/tax/09/self-employed-tax-deductions.asp
• https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction
• https://www.irs.gov/businesses/small-businesses-self-employed/deducting-business-expenses
• http://www.letsmakeaplan.org/blog/view/lets-make-a-plan-blogs/the-2018-tax-season-what-you-need-to-know