Once you determine your self-employment tax, you can claim a self-employment tax deduction equal to 50% of your total self-employment tax. If your net earnings exceed $400 from self-employment ...

Roughly 37% of taxpayers qualify. 1. The home office deduction If you work from your home or use part of it in your business, then self-employment tax deductions like this one could get you a ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert.

What Is the Self-Employment Tax Deduction? As a self-employed individual, you’re allowed to deduct what the IRS calls the “employer-equivalent portion of your self-employment tax,” which is ...

One consolation is that you may be able to take an income tax deduction for 50% of the self-employment tax you ... Use the IRS estimated tax worksheet, Form 1040 ES, to determine your estimated ...

Both the self-employment tax and the deduction are calculated on Schedule SE. Hero Images / Getty Images If there is a workspace in your home that you use exclusively and regularly for your ...

the qualified business income deduction allows two deductions of up to 20% each. Look for these 15 deductions, from home office expenses to self-employment taxes. Consult with a tax professional ...

The IRS allows a cellphone tax deduction for self-employed people, but it's not as easy to claim the write-off as you might like. If you use your phone 100 percent for business, you can write off ...

self-employment tax deduction, travel expenses, business insurance, car expenses, business loan interest, and more.

Here are 15 big self-employment tax deductions and tax benefits that could slash tax bills for freelancers, contractors & other people who work for themselves.

you may be able to deduct the premiums paid on your tax return. This is a direct adjustment to your income (not an itemized deduction), so you’ll save more in self-employment taxes. But you’ll ...