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 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 ...

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 ...

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 ...