Being self-employed is great but not when it comes to paying your taxes, right. Wrong, the truth of the matter is there are many tax deductions you can benefit from that others can't. So, being self-employed really is great and I have even compiled a list of tax deductions that, when applied, will help you save big this tax season.
Before I start there is one principle I want to teach you first. And that is to be organized, I can't stress this enough. It makes filing your taxes and getting the deductions that much easier. So, with that said, I would suggest that you get a small filing cabinet or bin that is divided into different sections that will become the “storage place" where you will file away your various receipts. For example, I would dedicate one section to “Office Equipment & Supplies" where I would file the receipts for business expenses that fall under this category, things like pens, pencils, paperclips, calculators, computers, etc. Then I would continue to repeat this step for all of my expenses.
Tax Deductions For The Self-Employed
Office Equipment & Supplies - This is one of the most powerful tax deductions you can use. This includes pencils, pens, paper, laptop and desktop computers, desks, filing cabinets, calculators, whiteout, paperclips, printers, fax and copy machines, etc. See how powerful this can be!
Business Attire - This is another great tax deduction. If you have any special uniform or attire for your work, this can count as a deduction. Let me give you an example of this, take a plumber for example. A plumber has to have a uniform or “business attire" on whenever he goes to work. And for the self-employed this deduction can be applied to a variety of different professions.
Business Equipment aka Tools - Again, this can be a very powerful tax deduction for the self-employed. It includes any tools you need that allow you to do your job. So, for a plumber this can mean wrenches, hammers, putty, flashlights, screwdrivers, sealants, etc.
I hope that you have learned something from these principles/tax deductions that I have shared with you today. Now remember, nothing will happen if you don't apply what you've learned. Applied knowledge is power and you can use it to save money!
Self-Employed? Well. . . Don't let Uncle Sam take you for a Ride! Get More of the Tips & Tools you'll need to Save $100's this Tax Season. Visit: http://www.tax-wise.blogspot.com