2. Self-Employment Expenses
If you’re self-employed, you already know that you can’t file a Form W-4 to take advantage of some payroll deductions, but you can still benefit from many other small-business tax deductions. For instance, self-employed taxpayers who actually use their house as part of their small business can deduct certain expenses like rent, maintenance, mortgage interest, and utilities.
However, you have to consider the square footage dedicated to your business when calculating deductions. Another thing you can deduct as a self-employed individual is the employer-equivalent portion of your self-employment tax.
It’s best to check the IRS website to find out more about this type of deduction.
