Find the US tax deductions and credits you're entitled to as a self-employed person or landlord and claim them yourself. Answer a few quick questions and Plot estimates what each could save — from the 20% QBI deduction to the home-office and self-employed health-insurance deductions. Plot takes 0%.
Ordinary and necessary business costs on Schedule C — home office, a share of your car and phone, supplies, software, health-insurance premiums, retirement contributions and more — plus the 20% QBI deduction on your profit. Plot's finder walks you through the common ones.
The Qualified Business Income deduction lets many self-employed people deduct up to 20% of their business profit before income tax, subject to income limits. It doesn't reduce self-employment tax, but it can meaningfully cut your income tax.
Yes, if you use part of your home regularly and exclusively for business. You can use the simplified method ($5 per square foot up to 300 square feet) or actual expenses based on your home's business-use percentage.
You can deduct the business-use portion of your vehicle, using either the IRS standard mileage rate or actual costs. Track your business miles through the year so the deduction is simple to claim.
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