Tax Season: Deducting Self-Employment Expenses
When you are self-employed you need to research all deductions possible and keep note of what you can deduct from year to year. It has been suggested that many self-employed individuals do not take all the deductions they are eligible for because they simply do not know about them and they do not get or research the proper information. It is important to stress here that researching and knowing your options will benefit you financially in the long run and it is worth it. There are several tips to help the self-employed with tax season.
First, it is imperative to research on your own and hire help for the first two years to do your taxes. Second, do not fail to document expenses. If need be, download an app, take notes and save all receipts for the future because organization is key. Third, you should be saving money toward retirement (18% of your net income). Finally, consider paying family for work they do for you and reduce your family’s tax liability.
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