What retirement accounts are available for the self-employed?

Solo 401(k)s allow contributions up to $76,500 (2025). SEP IRAs offer up to $70,000. Both offer tax-deductible contributions and tax-deferred growth.

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: Up to $69,000 in annual contributions (2024)

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

Learn More Tax Strategies

Join the 3-Day Wealth Challenge to learn how to implement these strategies for your specific situation.

Start the Challenge