Deductions for the self-employed. If you're self-employed, you can deduct home-office expenses per a few conditions, namely that the space be used strictly for work. Most of the deduction is determined by the size of the office. For instance, if the office takes up 10 percent of your home, that means 10 percent of your annual electricity bill is tax-deductible.
Stolar says self-employed individuals can receive a full deduction for their health insurance, dental insurance, and long-term care insurance, so long as their self-employment income (less certain deductions) is greater than their health insurance premiums. In this case, it's a page one deduction, where the individuals would not have to itemize and the 7.5 percent AGI threshold does not apply.
Self-employed workers can also deduct baggage fees incurred while traveling for business. For frequent travelers, those costs add up.
Twitter: @danielbortz
Reader Comments (