Tax Deductions for Self-Employed

Tax deductions for the self-employed are expenses you incur to run your business that the IRS allows you to subtract from your total income, reducing your taxable income. Common deductions include office supplies, business travel, equipment, and a portion of home expenses if you work from home. By claiming these deductions, you pay taxes only on your net income (income after deductions), potentially lowering your tax bill. Proper documentation and understanding what qualifies are essential to maximize deductions legally and avoid issues with tax authorities.