I'm about to take the plunge into self-employment. Are there any special tax deductions for people working for themselves?
There are tons of ‘em! You can scroll through them online at IRS.gov, but your best bet is to hire a tax pro—at least at first—to make sure you're not missing out on anything. Taxes for the 1099 crowd are generally a bit more complex than they are for W-2ers, and what you pay that expert will likely be less—even far less—than what you stand to save from all the deductions that he or she will garner for you when all is said and done. (In other words, pay a little to get a lot.) Good luck and be sure to check out the story on page 122 about getting your own biz started.