If you’ve worked for other employers in the past, making the switch to the self-employed lifestyle can feel like a breath of fresh air. But along with all that freedom comes several responsibilities, such as figuring out and paying a tax bill. If you’re wondering how to reduce the amount you owe the IRS, use this tax return preparation guide to learn about some of the lesser-known self-employed deductions.

What Are Some Tax Deductions for the Self-Employed?

1. Advertising

Whether you’re a designer or a dog groomer, you’ll have to work hard to get your name out there and start building a client base. For most self-employed individuals, that means investing in marketing and advertising.

Whether you’ve paid for an online ad campaign, a billboard, or a run of flyers and brochures, you can deduct these expenses. You can also include the membership fee you pay for your website and domain name, as well as the commission you paid to your site’s designer.

2. Continuing Education

As you begin to make a name for yourself in the industry, you may start to compete with other self-employed individuals. To stand out from the competition, you’ll need to attend workshops and seminars, get additional certifications, or become a member of a new club.

These are all considered professional development expenses and can be deducted from your taxable income. All you need to do is ensure that the knowledge or accreditation you gain is directly related to your business.

3. Work-Related Travel

You can also deduct the money you spend when traveling for work. This includes the hotel fees and airfare for that out-of-town business trip, as well as 50% of the meals you bought while away.

Even if you didn’t take a plane, you can deduct your mileage when attending work-related meetings around town. Whether you’re meeting a client for lunch or delivering the product they ordered, the money you spent on gas is deductible.

If you’re looking for more ways to save on your IRS bill this year, reach out to Gillette & Associates, LLC. They are proud to help small business owners throughout the rigors of the tax return preparation process. For over 20 years, they’ve been providing clarity and peace of mind to Coulee Region residents in Wisconsin. To learn more about their accounting services, visit the website. You can also call (608) 784-8355 to schedule an appointment.