6 Tax Write-Offs Self-Employed People Can Use to Save Big

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It often feels like W-2 employees have it easy regarding taxes. Their employers make taxes simpler for them. Self-employed people, from business owners to freelancers, manage their own taxes and deductions, and things can become complicated quickly.

You are responsible for paying what you owe and taking advantage of policies that can save you money. Many people miss out on these deductions every year, so save as much as possible by figuring out if you can write these items off as business expenses!

Home Office Deduction

Not every self-employed person has a home office, but many do. If you have a home office setup, you can deduct substantial money.

Aside from deducting taxes for the office space you use, you can also deduct your office supplies as a business expense.

Office Supplies and Equipment

Internet and Phone Services

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These are valid deductions if you require internet access and phone services to operate your business. This means you can deduct at least a portion of your cellphone, landline, and internet bill.

Training and Education

Any training courses or education you undergo to further your business are business expenses.

One of the top types of insurance to deduct is your business insurance, followed by your home office insurance.

Insurance Premiums

Retirement Contributions

For the most part, you can only deduct retirement plan contributions from your income tax return if you have a qualifying plan.

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