7 Overlooked Tax Deductions and Credits for the Self-Employed

If you've recently gone into business for yourself, don't miss these sometimes overlooked self-employment tax deductions and credits.

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

You finally did it! You quit your job working for someone else and ventured out to start your own business. But, as you know, becoming self-employed can be scary. The success of your business is in your own hands, which can create extra pressure and anxiety. And that pressure can increase when you’re trying to figure out your self-employment taxes and find ways to potentially lower your business tax bill. That is because it can be hard to know which tax deductions for the self-employed you can, or cannot, claim.

Fortunately, there are some self-employment tax deductions and tax credits that just might improve your bottom line. And hopefully, knowing about these tax breaks, which are often overlooked, will help dial down the stress level associated with owning your own business.

With that in mind, check out these seven often-overlooked tax deductions, and tax credits, for the self-employed.

Kevin McCormally
Chief Content Officer, Kiplinger Washington Editors
McCormally retired in 2018 after more than 40 years at Kiplinger. He joined Kiplinger in 1977 as a reporter specializing in taxes, retirement, credit and other personal finance issues. He is the author and editor of many books, helped develop and improve popular tax-preparation software programs, and has written and appeared in several educational videos. In 2005, he was named Editorial Director of The Kiplinger Washington Editors, responsible for overseeing all of our publications and Web site. At the time, Editor in Chief Knight Kiplinger called McCormally "the watchdog of editorial quality, integrity and fairness in all that we do." In 2015, Kevin was named Chief Content Officer and Senior Vice President.