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
Category: Taxes
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
Collecting Tax Records
It's that time of year. The lull after the holidays is looming, the days are short, and the weather is cold and rainy (at least it is here in Portland. For those of you in warmer climates - we are all supremely jealous right about now!). It's also time to start collecting your 2018 tax … Continue reading Collecting Tax Records
Expensing Business Meals
Business meals are a business write off. Sounds simple - can we go home now? Not quite. This is a popular tax write-off among businesses of all types and sizes. There are two situations in which the IRS gives the green light to expense a meal; if the meal is for conducting business or if … Continue reading Expensing Business Meals