You may be able to reduce self-employment taxes by being extremely thorough when preparing your Schedule C to ensure you deduct every possible business expense. Your business expenses need to be ordinary and necessary to operate your business to be deductible. They cannot be personal in nature. Common types of deductible business expenses include office rent, the cost of acquiring and maintaining a business vehicle, telephone calls, office supplies and equipment.
When you use TurboTax, you will be asked about all of your self-employment income and expenses. TurboTax will automatically use this information to calculate your self-employment tax for you.
For tips, you can read here-Top Tax Write-offs for the Self-Employed
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