What special deductions can I get if I'm self-employed?

You may be able to take an immediate Section 179 expense deduction of up to $1,080,000 for 2022 ($1,050,000 in 2021), for equipment purchased for use in your business, instead of writing it off over the years. There is a phaseout limit of $2,700,000 in 2022 ($2,620,000 in 2021). In addition, self-employed individuals can deduct 100 percent of their health insurance premiums. You may also be able to establish a Keogh, SEP, or SIMPLE IRA plan and deduct your contributions (investments).