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Can I claim expenses as a self-employed person?
A self-employed person can use business expenses to cut their taxable income amount. Self-employed personnel can deduct standard costs related to office supplies and travel expenses as well as insurance premiums and marketing fees and professional fees. Certain home office costs along with mileage allowances become deductible expenses for the UK self-employed individuals. Business owners in the US can deduct home office expenses together with health insurance premiums and the cost of business meals. The process of tax filing requires you to present documentation from precise record-keeping including receipts because you need to prove your claims. Recognition of deductions which are eligible for tax relief enables you to reduce your tax obligations while enhancing your financial management skills for self-employed work.
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