by Steven Chung on February 5th, 2015
Tax season is just around the corner and tax professionals will be asked numerous variations on the question “is __________ tax deductible?”
Over the years, I have heard poker chips, underwear, breast implants, and animal waste. When calculating taxable self-employment income as a solo practitioner, you are allowed to deduct a wide range of expenses from gross revenue so long as they are business related. However, there are some basic rules and limitations.