Here are some standard things you can deduct from your income taxes, in addition to your itemized/standard deduction:
- The employer-equivalent portion of your self-employed taxes
- Healthcare premiums and some expenses can be deducted (premiums are deducted in Schedule 1, more in the health insurance section).
- Retirement savings made to a qualified plan (taken in Schedule 1).
- Student loan tax deduction – You can deduct up to $2,500 a year of student loan interest from your taxes (taken in Schedule 1).
- Ask your accountant if you qualify for the 199A tax break that was implemented as part of the 2017 tax cuts.
- Don’t forget all the business deductions you can take on Schedule C, such as your office space, your car, your cell phone, interest from a loan, business travel and meals, and other expenses incurred as part of running your business (discussed more in the expenses section).