Unique Financial Articles

• Register
• Submit Article

• Bankruptcy
• Credit
• Credit and Debit
• Currency-Trading
• Debt Mngmt
• Debt-Consolidation
• Debt-Relief
• Estate-Plan-Trusts
• Finance
• Health Insurance
• Insurance
• Investing
• Investments
• Leases-Leasing
• Loans
• Mortgage-Refinance
• Mortgages
• Mutual Funds
• Personal-Finance
• Stocks-Mutual-Funds
• Structured-Settlements
• Taxes
• Wealth-Building

• Unique Article Wizard

Tax Advantages for the Self-Employed

submitted: Mar 28th 2008 | by: Debbie-TheTAXpert
Total views: 5 | Word Count: 390 | | |

Being self-employed comes with a whole host of tax-related advantages and savings. In fact, being self-employed is considered by many to be the best tax strategy of our time.

Self-employment allows you full command of your tax situation and, with the right knowledge, you can have greater control over the amount of taxes you pay.

Maybe you're not self-employed, but you've thought about it. Well, see if these tips make you want to start your own business so you can save more money.

Record keeping is the sure way to put your mind at ease when it's your business. Receipts, ledgers, documentation; these are the building blocks to saving money on your taxes. This makes it easier when it comes time to pay your taxes. And in most cases, you will surprise yourself with how much they save you as well.

What about childcare? Think that just because you work for yourself or from your home you can't deduct for childcare? Not so. Childcare credit is just as available for self-employed and in-home business operators as for 9-5 workers. Use it when necessary and take advantage of the savings.

Do you enlist the help of family members with your business? Why not make it a family affair? Employ your family members legitimately and you can deduct their wages, bonuses, and other fringe bonuses.

Let's talk about your workspace. Whether you work from a full office in your home or a nook in the basement, you can claim the area. Determine which percentage of your home your workspace makes up. Deduct this percentage from your rent or mortgage, utilities, and repairs from your taxes.

You can even carry forward unused expenses to the next year. Again, here's where accurate records pay off. This tip can help you reduce your income (and taxes against it including self-employment tax.)

While you're thinking about one asset, your domicile, think about another, your car. It also can be a tool to reduce your taxes. Bank trips for the business, office supplies runs, meeting a client for lunch - you get the idea. Don't miss getting the deduction!

The IRS keeps a close watch on self-employment income. That means you should know how to do it right. It can put money in your pocket.

About the Author

Debbie the TAXpert has 25+ years helping people "Save Money on Taxes!" Articles like this are available through "The TAXpert Tips Online". It's a good way to stay abreast of changes in Tax Law, for personal, business, or corporate taxes.

Article Source: Unique Financial Articles

Comments

No comments posted.

You do not have permission to comment. If you log in, you may be able to comment.

Do you want to advertise on Unique Financial Articles ?