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.

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Important Self-Employed Tax Deductions

1. Professional Organization Dues And Memberships

2. Advertising And Marketing Deduction

3. Business Insurance Premiums

4. Contractors

5. Retirement Savings

FOR MORE ABOUT THIS POST, VISIT RADICAL FIRE

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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

1. 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.

2. 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.

3. Business Insurance Premiums

The insurance premiums are typically tax deductible in the year they were paid.

4. Contractors

As a self-employed person, the amount you pay the contractor qualifies as a tax deduction.

5. Retirement Savings

An individual 401(k) is attractive if you have no employees. Participants can contribute as an employer and employee.

FOR MORE ABOUT THIS POST, VISIT RADICAL FIRE

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