1. Standard Deduction

The standard deduction is an annual deduction that reduces your taxable income by a set amount. If it’s more advantageous for you, you should take this instead of the self-employment or small business deductions. If this is your first time at the rodeo, consider talking to a professional that could help make you a decision.

Are you a little bit unsure when it comes to the standard deduction as it is? Here’s an article that might help clear things up!