If you are new to being self-employed, you may be unaware of all of the deductions that you may be eligible to take. While this article simply cannot cover all of them, there are some very important ones that you should not overlook.
It’s good to arm yourself with the information you need in your tax return about which qualifying expenses are allowed for business use of your home. In this guide, we’ll go into detail about which items in your home can qualify for tax write-offs so that you can focus on putting any profits you earn back into growing your small business.
One of the best ways to save money and meet your obligations is by paying more attention to your taxes. With a few simple tax hacks, you can enhance your small business in more ways than one.
Starting a business is costly, but some of your startup expenses are tax deductible. Make sure you don’t miss out on any tax savings by finding out which of those expenses you can write off. rnrn
If you have a hobby that produces income, your hobby income is taxable. But what about hobby expenses and losses? Whether or not you can deduct hobby expenses and losses depends on whether you pass the IRS hobby vs. business test. Here’s what you need to know to avoid getting caught by the hobby trap.rnrn
The qualified business income (QBI) deduction can save owners of businesses whose income passes through to their personal returns up to 20% on their taxes. Find out how this pass-through deduction works below.rnrn
Taking the standard mileage deduction when you use your car for business can yield big savings on your taxes. Find out what the current IRS mileage rate is and what the IRS’s rules are for taking this deduction.rnrn
What tax deductions can the self-employed take? Here are seven types of expenses the self-employed, home businesses, and sole proprietors can deduct.rnrn
Have you become self-employed and begun working from home? If so, you need to be aware of all your legal tax deductions so you can avoid overpaying your income taxes. Here’s how tax deductions work.rnrn