Hello, my name is Rhonda. If you have financial goals, this blog can help you achieve them. A few years ago, I realized that I didn't have a good plan for my future and I wondered if my financial needs would be met after I retired from my job. I immediately started planning for my future by speaking with a financial advisor and I learned a wealth of information at our meetings. By following the recommendations of my advisor and by learning everything I could about finances and money, I now feel very secure about my future. If you need financial help for retirement planning, college savings or even for an emergency fund, you can get sound advice by reading my blog. I believe that by following a few basic strategies, everyone can meet their goals and be financially secure.
If you're like most people, you may get a bit anxious when tax season rolls around. You know it's necessary to file your taxes within the allotted time frame, but will you need to pay taxes or is it possible to get a refund? Fortunately, if you're self-employed, there are many tax deductions you can take. It's important to know what these are to help make your tax burden a bit easier.
1. Home office
Do you have a designated space to do your work? This could be your home office and the area where you spend a good part of your day.
The Internal Revenue Service (IRS) allows you to take a deduction for this area of your home. Of course, the number you can deduct will depend on the square footage you use.
2. Health insurance
Making sure you have the right health insurance in place is very important. If you have a significant medical condition, you'll want to have assistance in getting your bills paid.
One of the best tax deductions for the self-employed may be the ability to subtract your health insurance costs from your taxable income. Of course, you'll want to have the proper proof in place that this is the figure you pay annually.
3. New office supplies
It may be necessary to purchase a new laptop, computer, or desk for your office space. Having a great place to work that will make your job easier is ideal.
Other things you may need include a copier, office chairs, and other items for running a business. You can deduct all your expenses when it comes to things you purchase to keep your business running.
4. Traveling costs
Do you have to drive a long way to meet with clients? What about overnight stays and costs that are associated with your business?
You'll want to keep the receipts for all these expenses because these are entirely tax deductible. Don't neglect to record all of the items you may need when traveling for your business.
It's essential to keep track of what it takes to keep your business fully functional. Many of these are entirely deductible if you're self-employed. Consult with a tax professional who offers tax and accounting services to ensure that you qualify for many of the top tax deductions for your situation. Doing this can save you a lot of money in the long run, and you may end up paying much less in taxes.