Categorized | Business

15 Self-Employed Tax Deductions

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Owning a home business or making self-employment income has many obvious benefits. One of my favorites is tax advantages — namely, deductions. Deductions are beneficial because as an earner of 1099-MISC income, you are required to pay taxes on all that untaxed income. Additionally, you may also be required to pay self-employment tax. This is one of the reasons deductions are crucial for a new business; they can offset some of the money you owe the government. Another beneficial reason for deductions is to recoup some of the expenses you’ve had to bear to get your business up and running and continually operating.

Make sure you don’t leave any cash sitting on the table come tax time. Educate yourself on all the eligible deductions available to you. To help you get started, here is a list of 15 Self-Employed Tax Deductions.

What is your favorite tax deduction?

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Source: About.com
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