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.
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.
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