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If you are self employed, you shouldn’t be without tax help. Just like big companies self employed individuals make a profit, have expenses, and need to file taxes on their net income. Here are 7 tax help tips to save you money on your taxes if you are self-employed.
Self Employed Tax Help Tip #1 - Good Records Are Essential
Most self employed don’t have an accounting staff they can rely on to prepare records. It’s important that you take the time to maintain your records in a fashion that’s acceptable to the IRS.
Self Employed Tax Help Tip #2 – Take into Account All Your Business Expenses
You are entitled to deduct many business expenses, such as office supplies, shipping costs, business travel, subscriptions, vehicle insurance, gas, and the list goes on. Understand what you are entitled to deduct, and then make sure you take the appropriate deduction. Keep your receipts in an orderly fashion as proof of your expenses.
Self Employed Tax Help Tip #3 – Office Space
Whether you are using a portion of your home or have rented office space in a business or industrial area, you are allowed to deduct that cost. If you are working in your home, you are allowed to deduct a percentage of your mortgage or rent payment, as well as a percentage of your home’s utilities.
Self Employed Tax Help Tip #4 – Get Money from FICA
When you are self employed, you pay both the employee and employer portions of social security tax. You are allowed to deduct half of this expense on Form 1040.
Self Employed Tax Help Tip #5 – Employee Your Family
If you are in need of employees, why not hire your family? It’s legal and it provides you with the benefit of being able to write off half of their medical expenses.
Self Employed Tax Help Tip #6 – Employee Your Family
Set up a self employed retirement plan. You’ll enjoy the tax breaks and you’ll be saving towards your retirement. There are a variety of plans available, so whether you have a few hundreds or a few thousands to invest you can find a plan that matches your needs.
Self Employed Tax Help Tip #7 – Child Care Costs
You are allowed to deduct child care costs resulting from a babysitter, nanny, or daycare. If you are working you are entitled to the child care deduction.
Get Self Employed Tax Help from the Pros
If you want to enjoy the maximum benefits, get help from a tax advisor who is familiar with all the available deductions.
You work hard for your money and you are entitled to tax breaks just like any business.
Self Employed Tax Help Tip #1 - Good Records Are Essential
Most self employed don’t have an accounting staff they can rely on to prepare records. It’s important that you take the time to maintain your records in a fashion that’s acceptable to the IRS.
Self Employed Tax Help Tip #2 – Take into Account All Your Business Expenses
You are entitled to deduct many business expenses, such as office supplies, shipping costs, business travel, subscriptions, vehicle insurance, gas, and the list goes on. Understand what you are entitled to deduct, and then make sure you take the appropriate deduction. Keep your receipts in an orderly fashion as proof of your expenses.
Self Employed Tax Help Tip #3 – Office Space
Whether you are using a portion of your home or have rented office space in a business or industrial area, you are allowed to deduct that cost. If you are working in your home, you are allowed to deduct a percentage of your mortgage or rent payment, as well as a percentage of your home’s utilities.
Self Employed Tax Help Tip #4 – Get Money from FICA
When you are self employed, you pay both the employee and employer portions of social security tax. You are allowed to deduct half of this expense on Form 1040.
Self Employed Tax Help Tip #5 – Employee Your Family
If you are in need of employees, why not hire your family? It’s legal and it provides you with the benefit of being able to write off half of their medical expenses.
Self Employed Tax Help Tip #6 – Employee Your Family
Set up a self employed retirement plan. You’ll enjoy the tax breaks and you’ll be saving towards your retirement. There are a variety of plans available, so whether you have a few hundreds or a few thousands to invest you can find a plan that matches your needs.
Self Employed Tax Help Tip #7 – Child Care Costs
You are allowed to deduct child care costs resulting from a babysitter, nanny, or daycare. If you are working you are entitled to the child care deduction.
Get Self Employed Tax Help from the Pros
If you want to enjoy the maximum benefits, get help from a tax advisor who is familiar with all the available deductions.
You work hard for your money and you are entitled to tax breaks just like any business.
