The biggest draw for many people when it comes to self-employment is the freedom that it seems to give them. There is more creativity and enjoyment for many people when they are self-employed rather than working for someone else. However, there may be even more benefits that come from self-employment than meets the eye. Mark Dicus & Company is here to point out some of the other benefits that come with self-employment with regard to your taxes.
Tax Savings for Those Self-Employed
Believe it or not, there are several tax savings that you may enjoy when you are self-employed. If you are self-employed and aren’t taking advantage of these tax savings, it’s time to make some changes. Here are some of the tax savings that you should be taking advantage of if you are working for yourself:
– Training: For many people, when you are self-employed, it is going to be important that you stay current on all the training that you have had. This may mean that you have to take classes, travel, participate in webinars and other means of training that can come at a steep cost. However, this is something that you can deduct from your taxable income. If you are employed by someone else, this isn’t something you can take advantage of. However, when working for yourself, that’s a different story.
– Home Office: If you use part of your home specifically for your business, you may be able to deduct part of your home expenses from your taxes using the home office tax deduction. You have to be using that portion of your home solely for business purposes, but you could deduct part of your mortgage, utilities and other savings from your taxes.
– Healthcare: One of the downsides for some that are self-employed is that they don’t have an employer that is paying for a portion of their healthcare expenses anymore. This can be a big expense. However, if you are self-employed, you can deduct a portion of these expenses from your taxes. You must meet certain requirements, but this is available to you whether or not you itemize your taxes.
– Professional Licensing & Subscriptions: There are several professions that require licensing and subscriptions to keep operations running. For instance, if you are a law firm, construction company, architect firm or other professional similar, you will have to pay dues to keep your licenses current. When you’re working for yourself, these are deductions you should be taking advantage of.
Bookkeepers, Accountants & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
If you are self-employed and need help filing your taxes to ensure you are taking advantage of all the deductions and credits that you qualify for, you can turn to Mark Dicus & Company to help you sort it all out. We will prepare your taxes for you so that you can focus on other aspects of running your business. Call us today!