Most-Overlooked Tax Deductions and Credits for the Self-Employed

If you've recently gone into business for yourself, don't miss these tax breaks for the self-employed.

picture of a computer button that says "start your own business"
(Image credit: Getty Images)

You finally did it! You quit your old job and ventured out on your own. But, as you know, hanging out a shingle can be scary. After all, the success of your business is in your own hands when you're self-employed, which can create a lot of extra pressure and anxiety.

Now that it's all on you, you need to take advantage of whatever assistance is available. That includes help lowering your tax bill. Fortunately, there are a handful of tax deductions and credits available for self-employed people that can improve your bottom line…and help dial down the stress level.

However, when it comes to tax breaks, sometimes the hardest part is simply figuring out which ones you can claim on your tax return and which ones you can't. With that in mind, now that you're self-employed, check out these seven often missed ways to make the tax laws work for you. You'll be happy you did when it's time to file your return.

Rocky Mengle
Senior Tax Editor, Kiplinger.com

Rocky is a Senior Tax Editor for Kiplinger with more than 20 years of experience covering federal and state tax developments. Before coming to Kiplinger, he worked for Wolters Kluwer Tax & Accounting and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets. Rocky has a law degree from the University of Connecticut and a B.A. in History from Salisbury University.