With the recent changes to the world economy, more and more professionals are earning their money through contract work rather than full-time employment. Unfortunately, with self-employment, you have to do your own accounting. Whether your home-based business is your main source of income or just for a little extra on the side, keeping track of your business expenses can save you money at tax time. The IRS has a helpful list of available deductions, including using your home as a business and business entertainment. Once you know what you can deduct, you can start maximizing your savings next year with tax document organizing tools.