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Tax Write-offs for Sole Proprietors

If you’re a sole proprietor, you can write off all expenses that relate to your business, provided each one satisfies the Internal Revenue Code’s “ordinary and necessary” requirement, meaning the expense is helpful to your business and is the type that other businesses commonly incur. However, there are certain tax write-offs that sole proprietors commonly take advantage of that are subject to different deduction requirements.

Self-Employment Tax

Any year that you’re net profit from sole proprietor activities reaches $400, you’re going to owe self-employment taxes, which cover the Social Security and Medicare taxes. Your self-employment tax liability is calculated on a Schedule SE – which gets filed with your tax return. However, unlike an employee who has an employer to pay half of these taxes, sole proprietors are responsible for the entire tax. One benefit, however, is that you can take a deduction as an adjustment to income on your 1040 for approximately 50 percent of the tax calculated on Schedule SE.

Contract Labor

If you’re like most sole proprietors, you probably provide most, if not all, of the labor that your business requires. But if you ever need a hand and decide to hire independent contractors, the compensation you provide them with is a tax write-off on your Schedule C – the tax form where you report business income and expenses. For any contractor who you make total payments of $600 or more to during the year, the Internal Revenue Service requires you to report the payments on a 1099-MISC form, file it with the agency and furnish a copy to the contractor.

Health Insurance Deduction

One of the challenges of being self-employed is the lack of an inexpensive health insurance plan that’s subsidized by an employer. If you decide that health insurance coverage for yourself and your family is essential, you have the option of obtaining coverage through your business and writing off the premiums. However, one of the deduction’s restrictions is that you cannot turn down the health insurance coverage that an employer offers you (if you’re employed in addition to running a business) or that the employer of your spouse, a dependent or one of your children who are under the age of 27 at the end of the tax year, offers. The IRS provides a calculation to determine how much of your premiums are deductible, but if your net profit is more than your annual premiums, all payments are deductible in most cases.

Deducting Moving Expenses

Although it’s unlikely that you’ll incur moving expenses every year, it’s a deduction you should be aware of if you ever move to a new home to relocate your business. In order to write-off moving expenses, such as the cost of hiring a moving company to transport your household items, the new location of your business must be at least 50 miles further from your former home than your prior business location was from that same home. Moreover, you must work in the new location the equivalent of 39 full-time weeks in the first 12 months after relocating and a total of 78 weeks within the first 24 months.

Instructions for Form 1040
Schedule SE