Start tracking these 17 tax deductions ASAP

You want to take advantage of all the legal tax deductions you can. This will help reduce your tax bill and ensure you maximize profits. Let’s start with the most common tax deductions.

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If you’re self-employed, you’re responsible for paying self-employment tax. Self-employment tax is also known as Federal Insurance Contributions Act (FICA).

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Vehicle use

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Travel

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This includes the individual retirement account (IRA), Simplified Employee Pension (SEP) plan, and 401(k) contributions.

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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Start tracking these 17 tax deductions ASAP

You want to take advantage of all the legal tax deductions you can. This will help reduce your tax bill and ensure you maximize profits. Let’s start with the most common tax deductions.

If you’re self-employed, you’re responsible for paying self-employment tax. Self-employment tax is also known as Federal Insurance Contributions Act (FICA).

Self-employment tax

Vehicle use

You can choose between two types of vehicle-related deductions: the standard mileage option or the actual expense option.

Travel

If you travel to visit clients or attend conferences, you may be able to deduct the cost of travel. Business travel expenses include transportation and accommodation costs.

This includes the individual retirement account (IRA), Simplified Employee Pension (SEP) plan, and 401(k) contributions.

Retirement contributions

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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