I'm self employed, and I'm looking for some other tax deductions for the 2007 calendar year.?

February 20th, 2010

I’ve already contributed to my simple plan, my HSA, Roth IRA. I’m looking for some tax deductions, anybody got any tips?

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  1. Michael E - February 20th, 2010 at 2:53 pm

    all of your business expenses (depends how your set up). if you used your home for business you can expense plenty. including utility bills. i would try that avenue.

  2. bostonianinmo - February 20th, 2010 at 2:53 pm

    You’ve pretty much got it covered already. You can add to the IRAs by April 15th if you wish if you haven’t already maxed them out. Anything else is too late now that 2007 is over.

  3. wartz - February 20th, 2010 at 2:53 pm

    Buy a house.

  4. taxreff - February 20th, 2010 at 2:53 pm

    Whenever my clients look for deductions, I always advise them to pay their accountant lots of money…its all deductible!

    On a more serious note, depending on your business activity you may qualify for a domestic production activity deduction. Many people are still unaware of it.

    Its a confusing deduction and only a few years old, but it would be available for 2007. It would also not require any additional cash outlays if you are eligible.

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