There are many benefits that come from being self-employed. You don’t have to answer to anybody and can be the dictator of your own schedule. However, you do have to still pay taxes on the income that you bring in. This can be expensive as you have to pay business taxes that can add up. Mark Dicus & Company is here to talk about money saving tax tips that can help you save as a self-employed business owner.
How Can I Save More Money on My Taxes?
As a small business owner, you want to utilize all the tips you can if they can help you with your bottom line. Saving money on taxes every year is an important part of your success. Following are some tips to help you save money.
– Keep Good Records for Taxes: You are going to be responsible for keeping excellent records of all the expenses and income that pertains to your business throughout the year. The better and more organized your records are, the easier it will be to support all of your deductions.
– Deduct Office Space: You can always deduct your office space. If you are located in a facility that isn’t your home, you can deduct the cost of that space. If your office is located in your home, you can deduct a certain percentage of your mortgage. This also include your utility bills as well.
– Track Expenses: You can deduct any business expenses that you accrue throughout the year including business dinners, office supplies, business travel, shipping costs and much more. Keep track of all these expenses so that you can take advantage of those deductions when tax season rolls around.
– Retirement Planning: Because you are working for yourself, you aren’t going to have a company that sets up a retirement account for you and helps to contribute to it. You will want to make plans for the future and set aside money that you can invest so you are taken care of down the road.
– Employ Family: If you have children that are under 18 years old, you can employ them to work for the business without paying social security or Medicare taxes on them.
– Deduct Start Up Costs: Look into deducting some of your startup costs.
– Deduct Vehicles: You more than likely use your vehicle for more than just your business, but you can deduct any miles that you use doing any work for your business.
– Deduct Business Insurance: Any costs that you accrue as you insure your business can be deducted.
Tax Preparation Bookkeepers, Accountants & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
If you are self-employed, you know how difficult it can be to stay on top of all the tax documents and deductions on your own. This is where Mark Dicus & Company comes into play. We can help you get the most out of your tax return and ensure you are doing your taxes right as someone that is self-employed. Call us today!