You can feel overwhelmed when you search our archive library for tax reduction strategies that apply to the self-employed.

For example, a search today will yield more than 263 strategy articles with the words “self-employed” or “self-employment.” That’s a lot.

Where do we start?

Now, instead of feeling overwhelmed by the more than 263 possible tax reduction strategies, you can start with the 10 below:

  • Use the Section 05 plan to make your health insurance a tax-favored business deduction on your Schedule C.
  • Employ your under-age-18 child to make taxable income disappear.
  • Employ your spouse without paying him or her a W-2 wage.
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  • Rent your office, even your home office, from your spouse to save self-employment taxes.
  • Establish that an office in your home is your principal office to increase (yes, increase!) your vehicle deductions and also turn personal home expenses into business expenses.
  • Give yourself flowers, fruit, and books as tax-deductible fringe benefits.
  • Combine the home office and a heavy SUV, crossover vehicle, or pickup truck to grab big deductions this year.
  • Design a business trip that includes some personal days—days you treat as 100 percent business even though you don’t work on those days.
  • Use the seven-day tax deduction travel rule to create a business trip that is 87 percent personal vacation.
  • Deduct your smartphone and provide smartphones to your employees as tax-free fringe benefits.

If one or more of these looks good to you, let’s talk about how to make them work.

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Manay CPA Expert Authors
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Manay CPA is a reputable, full-service CPA firm based in Atlanta, Georgia. Founded in 2001, we provide comprehensive accounting and tax solutions to individuals and businesses across all 50 states.