Are you self-employed? Here are 4 deductions you should absolutely be taking: 1. Self-employment tax deduction — You can deduct
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By raynesconsulting
September 04, 2026
Tax Tips & Deductions
By raynesconsulting
September 04, 2026
Are you self-employed? Here are 4 deductions you should absolutely be taking:
1. Self-employment tax deduction — You can deduct half of your self-employment tax directly from your income. Most people don’t realize this.
2. Health insurance premiums — If you pay for your own health insurance, those premiums are deductible.
3. Retirement contributions — Contributing to a SEP-IRA or Solo 401(k) reduces your taxable income significantly.
4. Business meals — 50% of qualifying business meal expenses are deductible. Keep your receipts.
5. Home Office— If you are currently using a portion of your home for business, you may deduct, mortgage interest or rent payments, utilities, repairs, depreciation, and homeowners insurance.
These deductions alone can save you thousands of dollars every year.
Not sure if you’re taking full advantage? Let’s find out together.