Whether you’ve been self-employed for years or are one of the many newfound entrepreneurs to have gone off on your own in the COVID-19 era, lowering your self-employment taxes is always a savvy business strategy. Here are a few tax deductions self-employed individuals could consider this tax season:

Start-Up Costs: All the costs of forming a legal business entity, like registration fees, add up. Thankfully, up to $5,000 in start-up costs and $5,000 in organization costs that your business venture had to pay to get going can be deducted.

Advertising: Every business venture needs customers, right? Expenses for advertising that promotes your products or services may qualify for a deduction.

Transportation, Travel, and Meals: A self-employed taxpayer can deduct mileage costs for all business-related travel in their personal vehicle, providing a mileage log was used. Alternatively, more detailed transportation expenses, like gas, oil, depreciation, licenses and so on can be deducted—this is particularly important if five or more vehicles are registered to the business. Documentation of business use is key, and taxpayers can use either the standard mileage rate or actual expenses, whichever is larger. If traveling to customers, clients, or other business-related destinations is required, the travel expenses, including the cost of meals, can also be deducted.

Business Insurance: Self-employed taxpayers can deduct business insurance, accident

Retirement Savings: Self-employed individuals can establish various types of retirement savings, like 401(k)s, SIMPLE IRAs, and other plans that yield tax deductions or deferrals, in some cases on up to 25 percent of income (up to $58,000 in 2021)—and even more if aged 50 or older.

The Illinois CPA Society’s free “Find a CPA” directory can help taxpayers find the trusted, strategic business advisors that are right for them based on location, types of services needed, and languages spoken. Find your CPA at www.icpas.org/findacpa.