Self-Employed How Much Can You Deduct for Self-Employed Expenses? Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxBlogTeam Published Mar 4, 2017 - [Updated Apr 5, 2017] 2 min read Running your own business as a #SelfMade entrepreneur gives you the ability to make business decisions based on your own budget and priorities. You can decide where you’d like to work, even if it’s at home in your own office space, what supplies you need and when and where you need to travel for business purposes. And there’s much more than freedom that comes with self-employment: you may be able to deduct these self-employed business expenses and save money when you file your taxes. Home Office. Having a space in your home set up as an office not only saves on office rent and allows for personal space while working on important business-related projects, but you are also able to save money later on. If you have a dedicated space used only for business in your home, you can deduct a portion of home expenses, including rent, mortgage interest, utilities and property taxes based on the square footage of your office used for your business. Equipment and Supplies. With all this flexibility of being able to work at home, purchasing office supplies, software, and subscriptions fall under your responsibility and can even come with additional unexpected expenses. Did you know that your desk, chair, and even your printer can be deducted on your tax return? Also, if you purchased a computer or other equipment, like a tablet or cell phone for your business, you can take a deduction in the year you purchase it if it was used exclusively for business. Up to $500,000 worth of equipment may be eligible for immediate deduction in the tax year you bought it. Business Travel. For the self-employed, training and education can come at a hefty price, especially if it’s specifically for your own business. If you traveled for a conference, you may be able to deduct your travel expenses as long as your travel was directly related to the business purpose and you were not reimbursed. This may include airfare, mileage, and hotel expenses. Don’t forget about the fee you paid for the conference! And, if you rent a car when you arrive to your destination, the expense is tax deductible as long as the car is used exclusively for business. You can also deduct business related use of your car – like mileage – but the IRS requires you keep records. We get it, being self-employed is a balancing act, but it is also fulfilling and worthwhile to be your own boss. TurboTax Self-Employed can help ease the stress and allow you to focus on your business of one. With several weeks left during the tax season, using the tips and tricks above for tax deductions will help you save big and feel good about running your own business. But don’t worry about knowing these tax deductions. TurboTax Self-Employed will help you organize and separate your business and personal expenses and uncover business deductions you didn’t know were possible. Previous Post 4 Surprising Ways to be Self-Employed Next Post Are Work Clothes Tax Deductible If You’re Self-Employed? Written by TurboTaxBlogTeam More from TurboTaxBlogTeam Leave a ReplyCancel reply Browse Related Articles BizTaxFacts How Much Is Self-Employment Tax: Rates for Sole Proprietors, Single-Member LLCs, and S Corporations BizTaxFacts How to File Taxes as an Independent Contractor: Tax Forms, Deductions, and Credits for Freelancers BizTaxFacts The Consultant Tax Advantage: A Guide to Self-Employment Taxes, Deductions, and Credits BizTaxFacts Unlock Your Driver Tax Breaks: A Guide for Rideshare, Delivery, and Truck Drivers BizTaxFacts How to File Taxes for Small Businesses: Filing Deductions, Credits, Loopholes and More Business Taxes How to Deduct Business Expenses & What You Can Write Off Business Taxes The Basics of Taxation on Business BizTaxFacts Building Better Tax Strategies: How to Maximize Your Construction & Remodeling Deductions Self-Employed 5 Money Saving Tax Tips for the Self-Employed Self-Employed How Can I Avoid Paying Tax on Rental Income?