![]() ![]() Subscriptions and publications - newspaper subscriptions to relevant publications in your industry count as a tax write-off.Travel costs - If you have to travel for your work/services, you can deduct the fees related to traveling.Deduct the cost of meals - meals with clients or any meetings where you discuss work may count as a deduction.Internet and phone bills - The cost of wifi and a portion of your phone bill may qualify as a deductible expense. ![]() Retirement savings - funds you place towards your retirement savings can be deducted from your taxes.Business insurance premiums - ordinary and necessary insurance premiums can be deducted from your taxes.Office supplies - internet bill, phone lines, utilities, cost of stationery, staples, binders.Continued education expenses - as long as it is an ordinary and necessary expense, education to maintain or improve your work.Business use of your vehicle - we'll review how to track these costs more below.Business start-up expenses - legal costs, business structure fees, research expenses, borrowing costs, and expenses for technology.Here's a shortlist of business-related expenses self-employed individuals can claim to lower their tax bills. In fact, users typically save $5,600 from their tax bill. Our tax deduction finder would scan your credit card/ bank statements to find all the tax write-offs you qualify for and help you save thousands of dollars. Note: If you want to skip out on manually recording/organizing your business expenses, try Bonsai Tax. Simply follow the instructions on this sheet and start lowering your Social Security and Medicare taxes. The team at Bonsai organized this self-employed tax deductions worksheet (copy and download here) to organize your deductible business expenses for free. If you are concerned with how much you'll owe, don't worry. After you calculate your net earnings from self-employment, multiply it by the self-employed tax rate and you'll see how much you'll owe Uncle Sam. After all, a self-employed taxpayer will owe 15.3% on their earnings from self-employment or Social Security and Medicare taxes. At the end of the tax year, most self-employed individuals try to minimize their self-employment tax liability by saving their receipts for business-related activities. ![]()
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