Business expenses – If you own a business, you may be able to deduct the cost of certain expenses if they benefit your business.These premiums had been deductible as mortgage interest, but that provision of the tax law expired on December 31, 2016. Private mortgage insurance – Homeowners who put down less than 20% of the purchase price of their home may end up paying private mortgage insurance premiums.And this deduction is “above the line” – you don’t have to itemize deductions to claim this one. Unlike the employee who can’t deduct his or her payroll taxes, a self-employed taxpayer can deduct half of the self-employment taxes paid. But when you’re self-employed, it’s a self-employment tax. Self-employment taxes – Taxpayers who are self-employed pay both the employer and the employee portions of Social Security and Medicare taxes, commonly called payroll tax.However, if you sell your baked goods occasionally, such as at the county fair, you can deduct the ingredients – as well as the cost of the booth – as hobby expenses.
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