• Robert Ciprick

Self-Employed Business Expenses

The following may be considered when determining operating expenses:

• advertising

• allowance on eligible capital property

• bad debts

• business start-up costs

• business tax, fees, licenses and dues

• business-use-of-home-expenses

• capital cost allowance

• delivery, freight, and express

• fuel costs (except for motor vehicles)

• insurance

• interest and bank charges

fees, penalties, or bonuses paid for a loan

fees deductible over five years

fees deductible in the year incurred

interest deductible on property no longer used for business purposes

interest on loans made against insurance policies

capitalizing interest

interest related to work space in your home

• maintenance and repairs

• management and administration fees

• meals and entertainment (allowable part only)

long-haul truck drivers

extra food and beverages consumed by self-employed

• motor vehicle expenses

• legal, accounting, and other professional fees

• prepaid expenses

• office expenses

• other business expenses

• property taxes

• rent

• salaries, wages, and benefits (including employer's contributions)

• supplies

• telephone and utilities

• travel

The expenses listed above for the self-employed businesses are available to deduct. They also have a specific meaning of what each one would include as a business expenses. It is advisable that you check with your accountant to ensure what you are deduction is correct.

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