AnnetteB6
Expert Alumni

Self employed

No, there is not a certain percentage that you can deduct from self-employment income.  You may only deduct actual business expenses that you paid that were ordinary and necessary for the work that you performed.  

 

You need to report all of your income on Schedule C for self-employment and any business expenses that you did have.

 

Be sure that you have documentation and receipts for the expenses that you do deduct in the event that your return is selected for review by the IRS.

 

To get a better idea of the kinds of expenses you can claim, take a look at the following TurboTax help article:

 

What self-employed expenses can I deduct?

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