10 Deductions for Self-Employed

These 10 deductions for self employed are commonly missed. Make sure you’re claiming all your qualified deductions. Whatever deductions you take, remember to always keep fastidious and contemporaneous records. Some of the deductions below require a higher burden of proof then just a receipt.  1. Auto Deduction If you use your personal vehicle in the … Continue reading 10 Deductions for Self-Employed

health insurance costs: the self-employed’s guide

Health insurance premiums are an often overlooked business write-off for the self-employed. Just as a corporation can write-off the amount they pay each month in health insurance coverage for employees, so can the self-employed. Self-employed = employer (you) + employee (you). Remember: when you’re self-employed you act as both the employer and the employee. So … Continue reading health insurance costs: the self-employed’s guide

mileage deduction explained

Deducting car-related expenses from your taxes can be simple, easy, and depending on how much you use your car for business, result in quite a large deduction. In order to benefit from this deduction, you’ll have to keep good and accurate records on all business mileage and (optionally) all car-related expenses. Who Can Claim the … Continue reading mileage deduction explained