Being a self-employed person is a nice gig if you can work hard enough to make it work for you. Aside from being your own boss, creating your own hours and never truly being away from work, however, there are some nice tax breaks you can take advantage of this time of year. According to TurboTax, there are more tax breaks for self-employed individuals than many are even aware of, and some of them are commonly missed by those filing their income tax returns without the help of a professional tax preparer. If you are self-employed, do not forget to take advantage of these great tax breaks when filing your return.
If you travel for business, whether it’s to meet with clients, to do a job or to attend a work function, you can deduct it. You can deduct any travel you make as long as one hour – at least – of that time is spent working.
Your Home Office
If you work primarily from your home office (as in, you don’t just work from home on occasion), you can deduct a certain percentage of it on your incomes taxes. Additionally, you can also deduct some other home office expenses, and those will significantly decrease the amount of tax you are required pay.
Health Insurance Deduction
If you pay for your own health insurance, you can deduct that. You can wholly deduct your entire premium, and it’s a nice benefit. Additionally, it helps to have insurance since you’re now being fined heavily for not having insurance with yourself, an employer or through Obamacare.
Education and Dues
Do you require continuing education for your career? Do you pay dues to any associations for your career? If so, you are eligible to deduct those on your Schedule C, which might allow you to save a bit on your income taxes when it’s time to file.
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