You finally did it! You quit your job working for someone else and ventured out to start your own business. But, as you know, becoming self-employed can be scary. The success of your business is in your own hands, which can create extra pressure and anxiety. And that pressure can increase when you’re trying to figure out your self-employment taxes and find ways to potentially lower your business tax bill. That is because it can be hard to know which tax deductions for the self-employed you can, or cannot, claim.
Fortunately, there are some self-employment tax deductions and tax credits that just might improve your bottom line. And hopefully, knowing about these tax breaks, which are often overlooked, will help dial down the stress level associated with owning your own business.
With that in mind, check out these seven often-overlooked tax deductions, and tax credits, for the self-employed.