If I am self-employed, what expenses can I subtract from my gross income to get my net self-employment income?
If you have self-employment income, the DC Health Link application asks for your net self-employment income. You can subtract the costs below from your gross income to get an amount for your net self-employment income. These are the same as the costs you can subtract when you file taxes.
* Car and truck expenses (for travel during the workday, not commuting) * Depreciation * Employee wages and fringe benefits * Property, liability, or business interruption insurance * Interest (including mortgage interest paid to banks, etc.) * Legal and professional services * Rent or lease of business property and utilities * Commissions, taxes, licenses and fees * Advertising * Contract labor * Repairs and maintenance * Certain business travel and meals
For more information, see "Instructions for Schedule C" at www.irs.gov.