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Education and Membership Fees

For the professional needs of the business, the purchase expenses of books or periodicals, tuition fees, membership or union membership fees, can be included in the deduction. When you file the tax return, you will need to make sure you have the receipts and documents that can serve as evidence that the expenses and fees are relevant to your business.

Retirement Savings

In order to meet the retirement savings needs of self-employed taxpayers, the International Revenue Service (IRS) offers a generous deduction. The most common is the Simplified Employee Pension (SEP) for self-employed taxpayers and small businesses. SEP allows a deduction of 25% of the self-employed annual income, up to USD53,000.