Self employed individuals can also take advantage of many tax breaks. Here are the three most popular tax breaks that can help you reduce your tax bill. Do you have health insurance ? You can deduct the cost of your health insurance and of your family. Do you have an office ? You can deduct your office expense. Yes, it also includes your home office expenses. If you are in business for yourself than you must be spending money on supplies. Most supplies are also tax deductible. However, there are many tax deductions that can also get you in trouble. You must watch out for those kinds of tax deductions.