What is an IRA? An IRA is an individual retirement arrangement. It is a personal savings plan that gives you tax advantages for setting aside money … → Read more
An initial expense you may be able to deduct is for business equipment up to $500,000 for 2016 (same as 2015), rather than writing it off over multiple years. Self-employed business people may also deduct 100% of their health insurance premiums. In addition to those, you may also deduct your investments in a Keogh, SEP or SIMPLE IRA plan