4 Overlooked Tax Breaks for the Self-Employed

Don't miss these deductions if you work for yourself.

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.

Rebecca Dolan
Contributing Writer, Kiplinger.com
Before joining the Kiplinger team as Online Community Editor in 2013, Rebecca was associate travel editor at the Huffington Post, where she also handled the travel section's social media. She landed at AOL/HuffPost after earning an MS in journalism at Northwestern University's Medill School, with a concentration in health and science journalism. Prior to that, she covered lifestyle at Jacksonville Magazine, in Jacksonville, Fla., preceded by a stint at American Cheerleader magazine. She holds a BA from the College of William and Mary.