As a self-employed electrician, you may be able to take advantage of several tax deductions to reduce your taxable income and lower your tax liability.
You can deduct expenses related to your business, such as tools and equipment, office supplies, and advertising costs.
If you use a portion of your home exclusively for business purposes, you may be able to deduct a portion of your rent, mortgage interest, property taxes, utilities, and other expenses related to your home office.
You can deduct the cost of using your vehicle for business purposes, such as driving to job sites or picking up supplies. You can either deduct your actual expenses, such as gas, oil, repairs, and insurance or use the standard mileage rate, which is set annually by the IRS.
If you pay for your own health insurance, you may be able to deduct your premiums as a business expense.
You can deduct expenses related to continuing education, such as classes, seminars, and training programs if they are directly related to your business.