We talk a lot about how the KEY Method benefits you both personally and professionally, helping you enjoy the career of your dreams while allowing for healthy work-life balance. And naturally, we assert that our method benefits your clients and community, too. But now that income tax season has rolled around, we wanted to point out the benefits of self-employment using our model.

Many of these benefits lie in the various deductions that you can use to lower your overall income tax liability.

Mileage and travel deduction. If your use of the KEY Method of Assessments includes the Employer on-site interactions with Employees and patients, you will be doing a bit of commuting from one location to another. But as opposed to commuting for a typical wage job, those who are self employed can deduct mileage and other travel costs as a business expense.

Home office deduction. The cost of any work space that you use for business expenses can be deducted on your income tax return. If your office is located within your home, you can write off a percentage of your deductible mortgage interest, home depreciation, utilities, homeowners insurance, and repairs.

Business-related expenses deduction. Everyone needs a phone and internet connection, but guess what: If you use yours for self employment, you can deduct those monthly bills on your tax return. You might also deduct costs related to running a business website, and of course other supporting technology.

Health insurance premiums deduction. Those who are self-employed may be able to deduct all premiums for a healthcare plan, along with premiums for certain other plans such as dental or long-term care insurance.

Meals as a deduction. In the event that you must travel for business, attend a business-related conference, or meet clients over a meal, you can write off these expenses. Do keep your receipts and be prepared to defend these expenses in the event of an audit.

Business loan deduction. If you need to take out a loan in order to switch to your new career, or to provide yourself with necessary training and tools, the interest on that loan is tax-deductible. Credit card interest can also be deducted, but only interest for business-related purchases. And on the subject of credit cards, don’t co-mingle personal and business use.

Other business-related deductions. As a self-employed business owner, you can write off expenses related to a number of ongoing needs such as continuing education, subscriptions to professional journals, business liability insurance, and so much more. Business assets such as a computer or vehicle can even be depreciated on your tax return over several years.