Self-Employed Tax Deductions: Keeping More of Your Hard-Earned Money
Self-employed individuals manage their own businesses, handling income and taxes independently, unlike employees who receive regular paychecks from companies.
Important Self-Employed Tax Deductions
Professional Organization Dues And Memberships
The guidance indicates you cannot deduct membership dues or fees of clubs “organized for business, pleasure, recreation, or any other social purpose.
Advertising And Marketing Deduction
Deductible expenses include online ads, billboards, sponsored web content, TV/radio ads, email marketing, networking events, print ads, and mail fliers.
Business Insurance Premiums
The insurance premiums are typically tax deductible in the year they were paid.
As a self-employed person, the amount you pay the contractor qualifies as a tax deduction.
An individual 401(k) is attractive if you have no employees. Participants can contribute as an employer and employee.
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