What special deductions can I get if I'm self employed?

You may be able to take an immediate expense deduction of up to $500,000 for 2016 (same as 2015), for equipment purchased for use in your business, instead of writing it off over many years. Additionally, self-employed individuals can deduct 100 percent of their health insurance premiums. You may also be able to establish a Keogh, SEP or SIMPLE IRA plan and deduct your contributions (investments).
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