Have you recently gone into business for yourself? Check out these ways to make tax law work for you.
1. Home-Office Deductions
The key to this deduction is to use part of your home or apartment regularly and exclusively for your money-making endeavor.
2. Health Insurance Premiums
You can deduct what you pay for medical insurance for yourself and your family whether or not you itemize.
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3. Social Security Taxes You Pay
If you’re self-employed and have to pay the full 15.3% tax yourself, you get to write off half of what you pay.
4. Retirement Tax Shelters
Once you start working for yourself, the door opens wide to tax-sheltered retirement plans.
Learn about more overlooked tax breaks for the self-employed.
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