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If you are self-employed, there are a number of tax breaks that you can benefit from. Here are some of the best tax breaks for self-employed individuals.
1. Health Insurance
If you are self-employed, one of the best ways to get a deduction is with your health insurance. You can actually deduct the cost of your insurance premiums in full on your taxes. You can also set up a health savings account and deduct the amount of money that you contribute to this.
2. Supplies
You can also deduct the amount of money that you spend on supplies for your business. This could include paper for your printer, pens, purchasing a new computer, or any other legitimate expenses for your business.
3. Home Office
As a self-employed person, you will also be able to take advantage of a nice home office deduction. If you have an office inside your home, there are several different things that you can deduct from your taxes. Measure the size of your office and then determine what ratio of square footage that is in relation to the total size of your house. You will then be able to deduct that percentage from your mortgage payment, electric bill, gas bill, and any other services that you use while in your office.
