What business deductions can I claim as self employed?

• Rental fees for real and other property used by the business
• Home office expenses
• Business insurance
• Self employed health insurance
• Interest
• Transportation and travel — both locally and away from your home
• Meals and entertainment
• Business, professional and education licenses, and fees
• Office supplies
• Legal and professional fees related to the business
• Equipment repair costs
• Business supplies
• Advertising costs
• Compensation, salaries, or commissions paid to employees
• Pension plan
• Taxes

In order to claim business expenses, each expense must be considered ordinary and necessary, meaning it is common to the profession and develops or maintains your business.