Are you Self Employed ?
 Here are a few tips that may reduce your Taxable Income.
 Are you paying for health insurance? Dental? Long-term care? If you are self-employed, you may be able to deduct 100% of the cost of the premiums as an ‘above the line’ deduction. (Subject to restrictions.)
Have a home Office?  Regardless if you rent or own the home office, if it is used regularly and exclusively for your business, it can be a deduction. You will need to be able to back up your claims in case of an audit. Make a map of the office, including the restrooms and keep it on file with your tax paperwork. Other expenses that you can deduct include the rent or mortgage, property taxes, utilities, insurance, maintenance costs and more. Restrictions do apply.
Employ your children? If you are not incorporated and employ a child under the age of 18, their earnings (up to $6200) are exempt from social security, Medicare, and federal unemployment taxes.
Take clients out for meals or entertainment? In order to make this deduction you must conduct business with the person you are entertaining during (or immediately before or after) the meal or event. You can deduct 50% of the cost. Make sure to keep your records/receipts.
Travel? Overnight travel outside of your city limits for business is tax deductible. Your trip should have a specific business purpose that you will engage in while on the trip. Be careful to maintain your records.
Have Retirement Plans? You can contribute 20% of your net self-employment income plus $16,500 salary deferral to a solo 401(k).  This can reduce your current tax bill and increase your savings for retirement.
This is a simple introduction to some common self-employment tax deductions. Most of these deductions are more complicated than can be explained in a short article. Please give us a call to find out more about the tax breaks available for self-employed individuals.