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Get your taxes done using TurboTax
@garycummins1 , Great question!
Self-employed individuals can get deductions for retirement contributions, and the good news is that as a business owner, you can deduct the employee and employer contributions to certain plans. Keep in mind the IRS does place limits on the contributions. You can find all the information about self-employed retirement plans here: https://www.irs.gov/retirement-plans/retirement-plans-for-self-employed-people
As for the unemployment benefits, yes you will need to claim them as income on the 2021 return.
When you are preparing your return using TurboTax, navigate to the self-employed retirement section and answer the interview questions, and the software will do the rest!
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‎September 9, 2021
12:58 PM
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