Self-employed individuals face unique tax challenges, but they also have access to a variety of deductions. This guide covers some important things you need to know to keep more of your hard-earned income.
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Track Your Income and Expenses Religiously
Accurate records are the foundation of successful tax filing.
Use a software such as QuickBooks Online to stay organized.
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Deduct Your Home Office, if you qualify
If you work from home, you may qualify for a home office deduction.
What qualifies? A dedicated space used exclusively for business purposes.
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Don’t Forget Mileage
Track miles driven for business purposes and claim the IRS standard mileage rate.
Tip: Apps like MileIQ can automate this process.
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Claim Health Insurance Premiums
Self-employed individuals can deduct health insurance premiums for themselves and their dependents.
Conclusion
Maximizing deductions requires preparation and knowledge. Want expert help? Schedule a consultation with us today!
