Just make sure your contributions fall within the contribution limits for your particular retirement plan. If you contribute to a self-employed retirement plan such as an IRA ( Individual Retirement Arrangement) or SEP ( Simplified Employee Pension Plan), you can write off your retirement contributions to help lower your tax bill. For example, if a self-employed worker hired a freelance web developer to build a website for a client, the cost of the freelancer’s contract is a deductible business expense. If you hire independent contractors to help you complete projects, you can write off that expense on your taxes. There are also some overlooked business deductions that often go unclaimed by the self-employed, so you’ll want to familiarize yourself with theses expenses: 1. If you’re self-employed, there are a wide range of business deductions you can claim when filing your income tax. Overlooked Business Deductions for the Self Employed If you need income tax advice please contact an accountant in your area. NOTE: FreshBooks Support team members are not certified income tax or accounting professionals and cannot provide advice in these areas, outside of supporting questions about FreshBooks. Overlooked Business Deductions for the Self EmployedĬan Self Employed Workers Take the Standard Deduction?Īre Meals Deductible If You’re Self Employed? These topics give actionable advice on claiming overlooked business deductions for self-employed workers: ![]() By claiming expenses including contract labor, interest and professional services as business deductions for the self-employed, you’ll likely find you owe less money at tax time. ![]() While most small businesses are familiar with the common business deductions for self-employed workers, including office rent and supplies, some important tax deductions are often overlooked and can save you money on your tax return. Send invoices, track time, manage payments, and more…from anywhere. Pay your employees and keep accurate books with Payroll software integrationsįreshBooks integrates with over 100 partners to help you simplify your workflows Set clear expectations with clients and organize your plans for each projectĬlient management made easy, with client info all in one place Organized and professional, helping you stand out and win new clients Track project status and collaborate with clients and team members Time-saving all-in-one bookkeeping that your business can count on Tax time and business health reports keep you informed and tax-time readyĪutomatically track your mileage and never miss a mileage deduction again ![]() Reports and tools to track money in and out, so you know where you standĮasily log expenses and receipts to ensure your books are always tax-time ready Quick and easy online, recurring, and invoice-free payment optionsĪutomated, to accurately track time and easily log billable hours Wow clients with professional invoices that take seconds to create
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