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3 Tax Write Offs & Benefits For The Self-Employed

With remote jobs skyrocketing in popularity in the past couple of years, more people are making the transition to self-employment. The difference that this makes in your tax filing process extends beyond reporting a 1099 form instead of a W-2. You may also qualify for certain tax write-offs or additional benefits. Learn more about what deductions you can make as a self-employed individual before consulting the experts at Maggi Tax for all of your tax needs.


The Life of the Self-Employed Individual


As of 2024, over 10% of Americans are self-employed. It’s a growing trend for those who either can’t find local jobs, prefer to work from home, or use their self-employed work as a side hustle. Either way, the IRS has recognized this area of the workforce and responded by approving tax write-offs specifically for the self-employed.


How Tax Write-Offs Make a Difference


What does it matter if you qualify for tax write-offs or not? Any expense that you’re able to write off is a little less that you will owe in taxes. Even if the savings aren’t enough to buy you a car or anything else as extravagant, every little bit adds up. It would be a waste to not take any extra cash you can. Plus, it doesn’t take a lot of work to tally up your deductions. The hardest part is figuring out what counts as a deductible.


Our Top 3 Tax Deductions and Benefits if You’re Self-Employed


  1. The Tax Cuts and Jobs Act


A benefit that is rather new is the Tax Cuts and Jobs Act which allows you to have a percentage of your social security tax be exempt from the amount you are taxed. This act was created specifically for self-employed workers, giving them another way to carve out additional savings.


  1. The Self-Employment Tax


With the Self-Employment Tax, you are able to deduct half of your owed taxes as a business expense write-off. This is one of the main ways that self-employed individuals are getting the most money back from their taxes.


  1. Work-Related Deductions


If you happen to buy anything for your business, it’s highly advised to keep track of your spending as they can qualify for work-related tax deductions. Consider expenses both big and small. Think outside of the box. For example, if you dedicate an entire room of the house to your business, you can count it towards your deductions! Other examples of work-related tax deductions for the self-employed include:

  • Office supplies
  • Gadgets and appliances
  • Mileage for business-related trips
  • Meals with clients or business partners
  • Out-of-pocket health insurance premiums
  • Contributions to retirement funds
  • Higher education expenses
  • And more!


Before you start writing off all of your expenses, it’s better to run them by a financial advisor since there are some purchases that may not qualify or certain expenses may have stipulations in order to qualify.


Why You Need a Tax Professional


As we already mentioned, it helps to seek out a financial advisor to ensure that your expenses are up to snuff. Getting a second opinion from a professional will help you avoid any unwanted audits. That’s only one of the many benefits of hiring a tax person. You can also use this service to maximize your taxes to either receive the highest possible return or the lowest possible amount of taxes owed. The tax experts at Maggi Tax have the skills and experience to offer you a customized solution!


Call Maggi Tax Today for a Consultation!


Are you self-employed? Call Maggi Tax today at (727) 799-1701 for a consultation on our tax services! We’ll guide you through the various tax write-offs and benefits you may qualify for to help you maximize your taxes.


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