Qualified Business Income One of the most lucrative tax deductions to come out of the 2017 Tax Cuts and Jobs Act was the creation of the qualified business income deduction, also known as the QBI deduction

Mileage or Vehicle Expenses Self-employed taxpayers can deduct either their actual operating expenses for using a vehicle for business purposes or claim a standard mileage deduction.

Retirement Savings Don't overlook the significance of a deduction for retirement savings. "I'm amazed at how many times I run across someone who is self-employed and doesn't have a SEP IRA or a solo 401(k)," Wood says.

Insurance Premiums Business insurance premiums for liability, malpractice or other professional needs can all be deducted

Office Supplies Printer paper, ink, pens and other office supplies used over the course of a year can be written off at tax time.

Home Office Expenses The home office deduction is often misunderstood. An office needs to be an area that is used regularly and exclusively for business purposes.

Credit Card and Loan Interest If you pay interest on a credit card or loan used for business purposes, that may be deductible

Phone and Internet Costs Phone and internet expenses can be deducted by self-employed taxpayers but only to the extent those services are used for business