Self-employment comes with many benefits, but also tax complexity. Here are five deductions you might be missing:
1. Home Office Deduction
If you use part of your home exclusively for business, you may qualify for the home office deduction.
2. Health Insurance Premiums
Self-employed individuals can often deduct health insurance premiums for themselves and their families.
3. Retirement Contributions
Contributing to a SEP-IRA or Solo 401(k) can reduce your taxable income significantly.
4. Professional Development
Courses, certifications, and books related to your business are generally deductible.
5. Business Travel
Travel expenses for business purposes, including mileage, can add up quickly.
Contact us to ensure you're maximizing your deductions.
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