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Self-Employed Individuals & Business Deductions

If you are self-employed there are many deductions you can claim against your business income on your 2023 tax return, including travel and home office expenses; if you use part of your home to conduct your business. Taxpayers must meet specific requirements to claim home expenses as a deduction, which include mortgage interest, insurance, utilities, repairs, maintenance, depreciation and rent. Even then, the deductible amount of these types of expenses may be limited. Although many Americans have been working from home due to the pandemic, only certain people will qualify to claim the home office deduction, and employees who worked from home during the pandemic are not eligible to claim the home office deduction.

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