2. Travel to manage your investments. If you own investment property, you can deduct 36 cents per mile (37.5 cents for 2004) for the miles you log visiting your properties. Take the same deduction for visits to your stockbroker, but not to go to an investing seminar.

3. Part of your car’s purchase price. If you use your car more than 50 percent of the time for business uses the modified accelerated cost recovery system to deduct as much as 20 percent of the purchase price for the first year, 32 percent in the second year, and lesser amounts in years three through six. There’s a limit to the amount you can deduct in any year, however. If you brought your car by May 5, 2003, you qualify for a first year 30 percent bonus deduction on the depreciable basis to a maximum of $7,660. If you acquired your car on or after May 6, you qualify for a first year 50 percent bonus deduction on the depreciable basis to a maximum of $10,710. However, this deduction is applicable only through Jan, 1, 2005. Different depreciation rules apply to minivans and SUV’s.

4. Your loss when you sell your car. If you sell your business car for less than the purchase price, minus depreciation, you can deduct the difference as a loss. An option is to donate the car to charity and deduct your entire adjusted basis. Note that the Treasury Department is considering a change in 2004 that would reduce the value of this deduction.

5. Health insurance. Insurance premiums can be deducted if you are self-employed and buy your own health coverage. You can also deduct premiums you pay to cover your spouse and dependents, unless your spouse’s employer provides insurance.

6. Losses you incur on rental property you own. You qualify for this only because you are a real estate practitioner and actively participate in the management of the property. Other real estate investors are usually limited to $25,000 in losses annually. This deduction also may not apply if you are a sole proprietor and don’t file a separate business return.

7. Entertaining clients at home. Keep receipts for expenses over $75, just as you would for entertainment outside the home. Limit business meal deductions to 50 percent of the actual amount spent.

8. Meals with a colleague, even if you go dutch treat. If you discuss business with colleagues over lunch but aren’t paying for their meals as a business expense, you can deduct 50 percent of the difference between the cost of your meal and what it would cost you to eat at home.

9. A physical examination. If you undergo the examination to get life insurance required to obtain financing for your business, the portion of the cost you pay directly is deductible.