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How to reduce your tax bill if you're self-employed

Source: lancasteronline.com - Jun 10, 2019

Whether you do contract work or have your own small business, tax deductions for the self-employed can add up to substantial tax savings. With self-employment comes freedom, responsibility, and a lot of expense. Here are six tax write-offs to which self-employed people are entitled so you can better plan and organize at tax time.
Retirement plans

One of the biggest benefits of being self-employed is that there are more retirement plan options available to you than available to most taxpayers. Three main options are the Simplified Employee Pension, the Savings Incentive Match Plans for Employees, and the individual 401(k).

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Category: General Business