<h1>Maximizing Deductions as a Self-Employed Individual</h1>
Tyler, looks like you made $70,000 this year.
Oh, no! I’m self-employed. I put $14,000 of that in my SIMPLE IRA this year. That shouldn't even be reported as part of my income.
Deduct another $10,000 for the mortgage interest I paid on this house.
And you can deduct another $10,000 that I made as a charitable contribution. Don’t worry, it was under 50% of my gross income.
You can take away another $1,500 because I worked from home. That’s my home office deduction.
And because my business is a start-up, I spent under $50,000 in start-up costs, meaning you can deduct another $5,000 in start-up costs and deduct another $2,500 in student loan interest because I made under $70,000 this year.
Oh, so you were in the 22% tax bracket. Now you're in the 12% tax bracket.
You owe us much less than you thought!