As a self-employed individual, it's important to take advantage of tax deductions to reduce your tax bill. Here are some deductions that you can consider for the year 2023:
Home office expenses
Business insurance premiums
Advertising and marketing expenses
Travel expenses for business purposes
Deductible meals and entertainment expenses
Retirement plan contributions
Health insurance premiums
Business-related education and training expenses
Business-related legal and professional services
Business-related software and technology expenses
Vehicle expenses for business purposes
Supplies and materials needed for your business
Charitable contributions made through your business
Business-related bank fees and interest charges
Rent or lease payments for business property
Depreciation of business assets
Miscellaneous expenses related to your business
By taking advantage of these tax deductions, you can lower your tax bill and keep more of your hard-earned money. Be sure to keep accurate records and consult with a tax professional to ensure that you are maximizing your deductions while staying within the bounds of the law.
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