What tax deductions can I claim as a self-employed individual?
An example of an AI chatbot conversation about tax deductions for self-employed individuals.
What tax deductions can I claim as a self-employed individual?
As a self-employed individual, you can claim deductions for business expenses like home office, supplies, and travel.
Can I deduct my health insurance premiums?
Yes, you can deduct health insurance premiums if you're self-employed, as long as you meet certain criteria.
What about retirement contributions?
You can also deduct contributions to retirement plans like a SEP IRA or Solo 401(k), which can reduce your taxable income.
Are there any limits on these deductions?
Yes, there are limits based on your income and the type of deduction, so it's best to consult a tax professional.
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