Self-employed people are the most over-taxed group in America because most do not claim everything they are entitled to. Here is the complete list.
$5/sq ft simplified or actual home expenses x business %. Dedicated space used exclusively for business qualifies.
67 cents/mile (2024). Client meetings, site visits, supply runs, post office. Keep a log — this is often the second biggest deduction.
100% deductible above the line for you, spouse, and dependents. Reduces both income tax and self-employment tax.
SEP-IRA: up to $66,000 (2024). Solo 401(k): up to $69,000. Every dollar contributed is fully deductible.
Up to 20% of qualified business income. Complex rules — most software calculates this incorrectly.
Section 179 lets you deduct the full cost in year of purchase. Computers, cameras, tools, machinery.
Business-use percentage of phone and internet bills. 70% business use = 70% deductible.
Courses, books, certifications, coaching, conferences related to your business — fully deductible.
Payments to subcontractors are deductible. Issue 1099-NEC to anyone paid $600+ during the year.
Website, ads, business cards, photography, social media tools, and any promotion expense.
Legal fees, accounting fees, and professional memberships directly related to your business.
Business travel 100% deductible. Business meals 50% deductible with proper documentation.
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