Top Tax Deductions for Self‑Employed Business Owners

Learn the most valuable tax deductions available to self‑employed business owners and how to claim them correctly. Whether you’re a sole proprietor, independent contractor, single‑member LLC owner, or freelancer, these deductions can significantly reduce your taxable income and keep more money in your business. In this video, we break down the IRS rules, common deductible expenses, and red flags to watch out for so you stay compliant while maximizing savings. Timestamps: 0:00 Introduction 0:25 Who qualifies for deductions? 0:35 What is a deduction? 1:12 Common deductible expenses 2:11 Red flags to avoid 2:19 Mileage rules 2:30 Home office deduction 2:44 Health insurance premiums 3:51 Why recordkeeping matters 4:17 How to claim deductions 5:10 Wrap‑up 💡 Learn more: Complete list of deductions: https://gusto.com/resources/articles/... How single‑member LLC owners pay themselves: https://gusto.com/resources/articles/... Try Gusto payroll: https://gusto.com/product?utm_source=... #SelfEmployed #SmallBusiness #TaxDeductions #TaxTips #BusinessOwners