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4 Overlooked Tax Breaks for the Self-Employed

Rebecca Dolan, Contributing Writer, Kiplinger.com
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.

See Also: 17 Reasons the IRS Will Audit Your Tax Return

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.

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.

See Also: 23 Most Overlooked Tax Deductions


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