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Tax Deductions for the Self-Employed

Get a checklist of common deductions for your type of business.

Your type of business

Common for your business

Professional licences & certificationsRenewals, exam fees and memberships.
Client travelTravel to client sites, including transport and lodging.
Coworking or office rentSpace used for business.
Contract labourSubcontractors and freelancers you pay.

Common for most self-employed businesses

Home officeIf part of your home is used regularly and exclusively for business.
Business vehicle useMileage or actual costs for business driving. Commuting does not count.
Software & subscriptionsAccounting, project, design and other business tools.
Phone & internetThe business-use portion of your bills.
Professional feesBookkeeping, accounting, legal and consulting fees.
Bank & payment processing feesMerchant fees, account fees and similar charges.
Marketing & advertisingAds, website, branding, business cards and promotions.
Business insuranceLiability, property and other policies for the business.
Office supplies & equipmentItems used in the business. Larger purchases may be depreciated.
Business travelTransport and lodging for business trips.
Business mealsGenerally only partly deductible. Keep a record of who and why.
Education & trainingCourses that maintain or improve skills in your current business.
Self-employed health insurancePremiums may be deductible, subject to eligibility rules.
Retirement contributionsFor example a SEP IRA or Solo 401(k), within annual limits.
Half of self-employment taxDeductible when you calculate your income tax.
Qualified business income deductionMay reduce taxable income for eligible pass-through businesses.

0 of 20 ticked. Tick the ones you use, then copy the list to review with your tax professional.

This tool gives estimates for general information only. It is not tax, legal or financial advice, and 24MAGIC is not a CPA firm. Please check your own situation with a qualified professional.

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