I received my completed tax forms back from my accountant today and am reminded, once again, that the IRS is not my friend. Self-employment tax, combined with the health insurance costs, make it difficult to freelance successfully.
On the other hand, the most significant way to reduce my self-employment taxes is to invest in my business. Legitimate expenses--purchasing office equipment, for example, or attending seminars and workshops--reduces my taxable profit.
But what do I need that I don't currently have? Or, what should I do that I'm not currently doing?