| When you file your taxes as a self employed person | | | | journal of your your trip to record the date, mileage, |
| you must get all the deductions you can. Sense you | | | | cost of parking and reason for trip. |
| are going to end up paying more for taxes it is | | | | Meals and travel expenses can also be written off. |
| important to make sure that you save as much as | | | | Stay in a good place and let Uncle Sam pay for it. Just |
| possible. The rules for you are going to be different | | | | show a business reason for the trip. Your meals are |
| and you have to make sure that you understand them. | | | | only 50% deductible so don't over do it at some really |
| I know that every time you look for tax deduction tips | | | | fancy restaurant. |
| you seem to find them for employees but what about | | | | If you are self employed an paying your own health |
| the self employed. That can be tricky to find. Everyone | | | | insurance premiums then those cost are 100% |
| would like to save on their taxes not just the average | | | | deductible. Your tax deduction can not be worth more |
| worker. So what deductions can a self employed | | | | that your net profits. But it is not allowed if you can be |
| person take? Here a list of deductions that can help. | | | | covered by your spouses medical plan. |
| Your home office can be deducted if done right. Just | | | | Your retirement that you contribute to can be written |
| make sure that your definition of home office matches | | | | off on your taxes if you have a SEP-IRA or Keogh. |
| the IRS definition. | | | | If you have a separate phone line that you use for |
| Office supplies can also be deducted as long as you | | | | business only then as a self employed person you can |
| hang on to those receipts. | | | | deduct 100% of that cost. |
| The furniture you purchase is also a good deduction | | | | Good news! You can hire your kids to work for you if |
| and you can get a full price deduction if you write it off | | | | they are under 17. You can write there salary off as a |
| the same year you you bought it. After that you lose | | | | business expense and pay no social security tax for |
| some benefit do to depreciation. | | | | your kids. |
| Other thinks like computers and copiers plus other | | | | Bad news is you as a self employed person will have |
| devices can save you some money. The same rules | | | | to pay double on your social security tax. As a self |
| apply as with furniture. | | | | employed person you have the same rules as an |
| The software and subscriptions you sign up for to help | | | | employer in which you have to pay just like they do. |
| improve your self employed business can also be | | | | Well there it is all laid out for you. Self employed people |
| deducted. | | | | do have options for tax deductions. What's better is |
| If you spend a lot of time on the road the mileage you | | | | that is not all. There are still more you can get. Just |
| use can also be written off on your taxes. Just keep a | | | | need to look a little harder. |