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New post: The Ultimate Self-Employed Tax Deduction Guide - Being self-employed means more control and responsibility when it comes to your career and income. It also means you need to be responsible for your own taxes. Self-employed taxes may seem like an unsolvable maze, where you end up paying most of what you earn. An accountant will tell you what you need to pay, but they may not tell you how to deduct all the available expenses it takes to be your own boss. This helpful guide outlines the basics of what you need to know about deductions and how to save yourself money when it comes to tax season. Just remember to keep full and accurate records of all possible deductions. Retirement Plans Individual Retirement Plans and 401k’s are a great deduction. The IRS allows an individual to deduct up to $18,000 deposited annually into their retirement fund, plus up to 25% of their income. When it comes to employees, there are more opportunities for deductions because the government is actively funding retirement through match funding programs such as SIMPLE (Savings Incentive Match Plan for Employees) IRA and SEP (Simplified Employee Pension) IRA. Home Office Most home businesses and self-employed individuals do part or most of their work from home. As a result, there are many deductions associated with having a home office. Remember that the IRS may require documentation that the office is used solely for business and not for personal use. Bills such as the internet, phone lines...