ThomasM125
Employee Tax Expert
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Self employed

Since you are self-employed, you may be able to benefit from deducting any health insurance premiums you pay. You may qualify for this if you are not eligible to participate in a medical insurance plan thorough your or your spouse's employer. You will see an option for this in the business deductions section of TurboTax under Insurance Payments, and then Health Insurance Premiums.

 

If you have an office in your home that you use regularly and exclusively for the business, you may benefit from a home office deduction. You will see an option for that in the Business Expenses section, and then Home Office Expense.

 

If you use your car for your self-employed business, you will see a section for that under Business Expenses, and then Business Vehicle Expense.

 

Most businesses qualify for a Qualified Business Income deduction. You will see an option for that after you enter your business income and expenses.

 

Keep in mind that virtually all expenses you have that are ordinary and necessary to operate your business are deductible, so be careful not to overlook any business expenses.  

 

 

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