One of the best things about being self-employed is that you are entitled to a whole host of boss-less independence, flexible ...

As of March 2025, here are 16 tax deductions that self-employed individuals can claim on their tax return. Business owners might be able to recover some of the costs of running their company by ...

The 2024 standard mileage rate is 67 cents per mile for self-employed individuals and businesses. If you use the actual cost method, add up your eligible car expenses and deduct the total amount.

The SEP IRA or SIMPLE IRA are better choices in that scenario. FAQs about tax deductions for self-employed individuals What are the most common tax deductions for self-employed individuals?

The IRS has audited significantly less than 1% of all individual returns in recent ... Schedule C is a treasure trove of tax deductions for self-employed people. And it's also a gold mine for ...

A tax write-off is a tax deduction that ... certain behaviors from individuals, such as saving for retirement or donating to charity. For business owners and self-employed individuals, who pay ...

Under the current law, you can qualify for the home office deduction only if you’re self-employed ... as ordinary income and taxed at the higher individual income tax rates instead of the ...

Here are 16 current tax deductions for self-employed individuals. Key Takeaways Reviewing what you can deduct each year is important to make your business as profitable as possible if you're self ...

While some overlap with those available to regular workers, self-employed individuals also have their own unique deductions. It’s important to note that the IRS definition of “self-employment ...

Working for yourself can have a lot of benefits, but taxes are generally not one of them. When self-employed, you are typically left picking up the tab on some of the costs your employer otherwise ...