A number of different deductions could apply to you and your business, too many to cover here. It’s best to look at all of them in depth. But here are a couple of the most common deductions that can benefit the self-employed: Self-Employment Tax Deduction - allows you to deduct half of your self-employment tax. Self-Employment Health Insurance Tax Deduction - allows you to deduct the cost of health insurance. Home Office Deduction - allows you to deduct expenses for the business use of your home. Office Supplies Deduction - allows you to deduct the cost of office supplies, even if you don’t take the Home Office Deduction. There are many more, so be sure to look through all that apply to you and your business.