Business and hobby deduction

You might be surprised, but plenty of seniors start their businesses as consultants the minute they retire. Others pick up brand-new hobbies and start selling on Etsy, at craft shows, and sometimes even in local stores. Well, if any of these apply to your situation, then you must know that you have to pay income taxes on this self-employment income. You might have other deductions if you currently run a business and are over 65.

These deductions also include all kinds of costs that might be associated with running the business, such as advertising expenses, the costs of your website or business cards, supplies, home office expenses, any kind of expenses paid to a consultant, and any given business education expenses, like books or the cost of conference attendance.