You may be able to take an immediate section 179 expense deduction of up to $1,050,000 for 2021 ($1,040,000 in 2020), for equipment purchased for use in your business, instead of writing it off over many years. There is a phaseout limit of $2,620,000 in 2021 ($2,590,000 in 2020). Additionally, self-employed individuals can deduct 100 percent of their health insurance premiums. You may also be able to establish a Keogh, SEP, or Simple IRA Plan and deduct your contributions (investments).