Posted by: Tax services August 31, 2015
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Bandhu,
The most commonly missed expenses beside what you mentioned previously are as follow.
1. Licensing
2 Auto expense
3 advertising
4. Magazine subscription
5. Office supplies
6. Insurance
7. Depreciation of assets
Any other costs related to business
Yes you can deduct personal health insurance. I think you previously mentioned that you Own S-Corp.
If you’re an S corporation shareholder, the policy can be in your name or the S corporation’s name and either of you can pay the premiums. If the policy is in your name and you pay the premiums, the S corporation must reimburse you and include the premiums as wage income on your Form W-2.
Hope this helps.
The most commonly missed expenses beside what you mentioned previously are as follow.
1. Licensing
2 Auto expense
3 advertising
4. Magazine subscription
5. Office supplies
6. Insurance
7. Depreciation of assets
Any other costs related to business
Yes you can deduct personal health insurance. I think you previously mentioned that you Own S-Corp.
If you’re an S corporation shareholder, the policy can be in your name or the S corporation’s name and either of you can pay the premiums. If the policy is in your name and you pay the premiums, the S corporation must reimburse you and include the premiums as wage income on your Form W-2.
Hope this helps.