What retirement accounts are available for the self-employed?

Solo 401(k)s and SEP IRAs both offer high annual contribution ceilings that are updated by the IRS. Check the current-year limits before you implement the strategy.

Can self-employed individuals deduct health insurance premiums?

Yes, self-employed health insurance premiums are 100% deductible as an adjustment to income. Health Savings Accounts (HSAs) offer additional triple tax advantages.

Tax Strategies For

Self-Employed & Freelancers

Maximize deductions and retirement savings for independent workers

Recommended Strategies for Self-Employed & Freelancers

Beginner

Section 179 Deduction

Immediately expense up to $1.16M in business equipment

Potential Savings: Up to $1,160,000 immediate deduction

Intermediate

Solo 401(k)

Contribute up to $69,000 per year as a self-employed individual

Potential Savings: High annual contribution ceiling with catch-up options

Intermediate

S-Corp Tax Strategy

Save 15.3% self-employment tax by splitting income into salary and distributions

Potential Savings: 10-15% of business income

Primary Sources To Verify Before You Act

Use primary guidance and your own records before you treat any page like a final answer. These are the source layers that should drive the decision.

Current IRS forms, instructions, and publications for the relevant tax year
Your actual account statements, payroll reports, entity records, and advisor memos

Map The Right Moves For Self-Employed & Freelancers In Before You File

The challenge runs live March 27-29, 2026, from 10 AM to 4 PM Eastern each day. It covers how to read your 2025 return, choose the right strategies for your situation, and turn them into a dated 2026 action plan.

Get Your Seat Before You File

Educational content only. Results vary based on your facts. Always consult a qualified tax professional before making decisions.