Tax write-offs for the self-emplyed:
- Home office: If you work from home, you can claim your home office. There are a few stipulations attached.
- Health insurance: Self-employed health insurance premiums may generate some tax savings.
- Retirement plan: You can deduct contributions made toward a self-emplyed retirement plan (SEP).
- Mileage: Miles driven for business purposes are eligible.
- Education: Webinars, workshops, classes, e-books, etc. all count as a tax write-off.
- Meals and Entertainment: Save the receipt and document the purpose.
- Office supplies: Expenses directly related to the office supplies and furniture, as well as, electronics that are for business purposes ( only the time used for business is a write-off).
- Utilities: Only utility cost relating to the home business can be used as a write-off.
- Travel: Work-related travel only can be used as write-off. Toll fees, parking, plane tickets, bus fare, and such all qualify if they are used for business purposes.
- Advertising/Promotional items: Materials related directly to the business such as business cards to print advertising.
