I am self employed and file schedule C. Can I deduct books I buy to improve my business?
Dan asked:
For example if I manufacture widgets, I read up on widget-making, marketing, sales, etc.
Casey
For example if I manufacture widgets, I read up on widget-making, marketing, sales, etc.
Casey
hmmm, that would probably be part of the start up cost for your business, so if it is not the first year of operation, I don’t know if I would deduct that. You can claim a loss however on your taxes. You should call the IRS, they are actually very helpful. Or visit their website at:
Yes, it’s deductible against your business income.
Yes although I am in a partnership I was able to write off the books I bought that related to my business (i.e: book on doing my own patent, book on how to use spreadsheets on my computer, ..etc)
Yes!
and if buy a book that tells you how to build a widget manufacturing plant, those costs are deductable too along with the book.
so read all you want.
but remember, it has to be a legit expense.
Yes, that would be deductible.