5 Money Saving Tips For Self-Employment Tax
Whether you are gearing up for next tax season or figuring out estimated taxes, please take a look at these tax tips by Daniel Ahart Tax Service for the self-employed U.S. citizen or resident and some of the most missed tax deductions.
Tax Tips and Tax Deductions for the Self-employed U.S. Citizen or Resident
- Work Expenses and Related Fees dedicated to your business – You can deduct office equipment such as printers and computers – even replacement ink, toner, and your company letterhead and business cards.
- Home Office Tax Deduction – According to the IRS, you’re able to take the home office deduction for the space you use in your house as a home office tax deduction as long as it is a dedicated workspace for your self-employed business.
- Travel and Education Expenses – Business travel, education, and training expenses may all be tax deductible. Even taxi, shuttle, and parking costs are tax deductible. Just remember to keep your receipts for when is time to file.
- Hardware and Software Expenses – You can deduct the purchase of your desktop computer, a laptop, a new monitor, an iPad, or any other piece of technology to help grow your business.
- Everyday Supplies and Office Furniture – Your desk, your chair, your printer stand, and even your trash can are all able to be deducted on your tax return.
With recent law changes, there are new things to take into account. If you did a tax checkup or tax audit mid-year check if you’ve been on track. Also, speak with your accountant so you don’t miss any opportunity to claim tax deductions for the next tax return,” says Daniel Ahart, chief tax officer at the tax preparation company Daniel Ahart Tax Service®
Are You Living And Working Abroad?
If so, please read this article “Living And Working Abroad As Self-Employed? How To Report To The IRS“, and learn about Foreign Earned Income Exclusion Eligibility.
Daniel Ahart Tax Service® prepares all tax returns, helps solve tax problems, and prepares back taxes. 22 Area Locations in Georgia.
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