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 ...

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.

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

Common tax deductions for self-employed individuals include the home office deduction, supply and equipment expenses, health insurance premiums, half of the self-employment tax, and business meals ...

This article was expert reviewed by Lisa Niser, EA, an enrolled agent and tax advisor. Self-employed workers are subject to federal taxes as well as a 15.3% self-employment tax on net earnings ...

If you are a self-employed person who works out of your home, then you may be able to claim the home office deduction ... and "the self-employment tax rate is 15.3% on net earnings," as opposed ...

The Tax Cuts and Jobs Act (TCJA introduced new deductions, like the qualified business income (QBI) deduction (see number 16, below), but it also eliminated or changed others, including the ...

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 ...