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I’m self-employed. What special deductions am I entitled to?
If you are self-employed, you may be able to deduct many different expenses related to your business, including the cost of travel required by your business, office supplies, telephone costs, office rent and expenses for the business use of your car. If you work from home, you may be able to qualify for the home-office deduction. You can take a depreciation deduction for assets you use in your business, such as computers or other equipment.
Be sure to also check for these deductions: 50% of self-employment tax, 50% of the cost of meals and entertainment, and attorney and accounting fees that are directly related to your business. You can deduct 100% of your self-employed health insurance premiums as an adjustment to income. In addition, as a self-employed person, you can open a Keogh retirement plan and deduct your qualified contributions.Return to Questions
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