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November 24 2006, 2006 7:21:18
Post
10 Tax Tips
for the Self-Employed
Technology and the
ease of telecommunication have prompted
more consultants,
coaches, contractors and freelancers to take business matters into
their own hands. Self-employment is no
longer a means of
making some extra money but a full-time career, and many such
full-timers are punching their own time
clocks and making
excellent incomes.
The self-employed have unique tax
concerns. Below are ten helpful tax tips to help lessen Uncle
Sam's tax bite:
1. Keep very good records: Unlike
a large company in which someone is hired to maintain
records of all income and expenses,
it is up to you to keep
very good records, save all receipts and be able to support your
deductions.
2. Office space: Whether you have a
separate office facility or are using a portion of your basement
or a converted den, you can deduct
the percentage of your home
used exclusively for business purposes.
Take this percentage
off of your mortgage or rent payments as well as your utilities.
If you have a phone exclusively used for business,
deduct
those phone bills.
Con' t
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Bookkeeping Service
Firm
Perfect G/L,
Statements,
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3.
Don’t forget business expenses: Keep receipts and good records
of business travel and other expenses including office
supplies, postage
and shipping costs, dues, subscriptions, and
anything else business-related,
including computer software
for your business and upgrades to
your system.
4. Deduct child care costs:
There are allowable deductions for daycare,
nanny care,
babysitting and any other type of childcare provided while
you
are working. Take the deductions allowable.
5. Set up a retirement plan:
You should consider setting up a self employed
qualified
retirement plan (i.e. SEP IRA) not only for tax purposes but for
the
same of saving money for your retirement years. If you
wish to start with
more than $2,000, you can opt for a Keogh
plan, which allows you to put
away more into tax-deferred
savings for your retirement.
6. Employ family members:
You can deduct medical expenses for your entire
family by
employing them legitimately.
Con't
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7. Defer income if
necessary: Being self-employed, you can alter your billing
slightly to defer income if you see yourself heading into a
higher tax
bracket.
8. Get money back from FICA: Being
self-employed, you pay both the
employer and employee portions
of Social Security tax. You can, however,
deduct half of these
payments on your 1040 form.
9. Increase expenses if necessary: Just
as you can elect to defer income, if
you see that your income
is high, you can make many more year-end business
purchases to
add some tax deductions before December 31st.
10. Get the right help: Look for tax
help from someone who is familiar with
self- employment, since
your needs will differ from those of a company.
Con't
Source: www.allbusiness.com
Related
Topics: Tax deductions
======SPONSOR MESSAGE =========
File
Tax Online Easy!
Simple Fill-in, All Forms Done ccuracy &
100%Satisfaction!
H&R
Block
=====END SPONSOR MESSAGE =======
Free Ezine
Subscription - Management, Tax
Tips: Subscribe To Save Tax, Increase
Sales, Traffic and Customers. Subscribe to get
The World Fastest Traffic Building System
, Effective Softwares and also to instantly place "free" ads to over 125,500 Websites every day!
Free Monthly Subscription
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effective website to how to be on top of major Search Engines like
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Additional highly helpful
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A Site & Subscribe
November 24 2006, 2006 7:21:18
Post
10 Tax Tips
for the Self-Employed
Technology and the
ease of telecommunication have prompted
more consultants,
coaches, contractors and freelancers to take business matters into
their own hands. Self-employment is no
longer a means of
making some extra money but a full-time career, and many such
full-timers are punching their own time
clocks and making
excellent incomes.
The self-employed have unique tax
concerns. Below are ten helpful tax tips to help lessen Uncle
Sam's tax bite:
1. Keep very good records: Unlike
a large company in which someone is hired to maintain
records of all income and expenses,
it is up to you to keep
very good records, save all receipts and be able to support your
deductions.
2. Office space: Whether you have a
separate office facility or are using a portion of your basement
or a converted den, you can deduct
the percentage of your home
used exclusively for business purposes.
Take this percentage
off of your mortgage or rent payments as well as your utilities.
If you have a phone exclusively used for business,
deduct
those phone bills.
Con' t
========SPONSOR MESSAGE=======
Bookkeeping Service
Firm
Perfect G/L,
Statements,
Growth
Great Discounts For Only 25 owners!
www.acallresources.com
===== END SPONSOR MESSAGE ====
3.
Don’t forget business expenses: Keep receipts and good records
of business travel and other expenses including office
supplies, postage
and shipping costs, dues, subscriptions, and
anything else business-related,
including computer software
for your business and upgrades to
your system.
4. Deduct child care costs:
There are allowable deductions for daycare,
nanny care,
babysitting and any other type of childcare provided while
you
are working. Take the deductions allowable.
5. Set up a retirement plan:
You should consider setting up a self employed
qualified
retirement plan (i.e. SEP IRA) not only for tax purposes but for
the
same of saving money for your retirement years. If you
wish to start with
more than $2,000, you can opt for a Keogh
plan, which allows you to put
away more into tax-deferred
savings for your retirement.
6. Employ family members:
You can deduct medical expenses for your entire
family by
employing them legitimately.
Con't
====== SPONSOR
MESSAGE ==========
How
To Design Websites Do Sell?
Top 40 Web
Design Secrets To Convert Sales From Now On! The
Ultimate Marketing Weapon by Mike Chen, The Eight(8) Things You
Must Test, The Confidential Internet Intelligent Manuscript,
e-book by Mark Joyner And Much More.. For
Sales Now All For Only $27.00! http://consultingadvantages.com/Webconversionsecret/index.html
======END SPONSOR
MESSAGE ======
7. Defer income if
necessary: Being self-employed, you can alter your billing
slightly to defer income if you see yourself heading into a
higher tax
bracket.
8. Get money back from FICA: Being
self-employed, you pay both the
employer and employee portions
of Social Security tax. You can, however,
deduct half of these
payments on your 1040 form.
9. Increase expenses if necessary: Just
as you can elect to defer income, if
you see that your income
is high, you can make many more year-end business
purchases to
add some tax deductions before December 31st.
10. Get the right help: Look for tax
help from someone who is familiar with
self- employment, since
your needs will differ from those of a company.
Con't
Source: www.allbusiness.com
Related
Topics: Tax deductions
======SPONSOR MESSAGE =========
File
Tax Online Easy!
Simple Fill-in, All Forms Done ccuracy &
100%Satisfaction!
H&R
Block
=====END SPONSOR MESSAGE =======
Free Ezine
Subscription - Management, Tax
Tips: Subscribe To Save Tax, Increase
Sales, Traffic and Customers. Subscribe to get
The World Fastest Traffic Building System
, Effective Softwares and also to instantly place "free" ads to over 125,500 Websites every day!
Free Monthly Subscription
Now!
Subscribe you will also get20ARTICLES new . This zip file
will change your life. It covers from how to design
effective website to how to be on top of major Search Engines like
Google, Yahoo. It works! This offer could be changed
and
not be available near future. Click free subscription link above
now!
Ezine Back Issue Articles
Additional highly helpful
resources:
http://rss-feeds-directory.com
http://bloguniverse.com
Blogarama
http://www.newsknowledge.com
http://www.rocketinfo.com
SEARCH
Suggest
A Site & Subscribe
November 24 2006, 2006 7:21:18
Post
10 Tax Tips
for the Self-Employed
Technology and the
ease of telecommunication have prompted
more consultants,
coaches, contractors and freelancers to take business matters into
their own hands. Self-employment is no
longer a means of
making some extra money but a full-time career, and many such
full-timers are punching their own time
clocks and making
excellent incomes.
The self-employed have unique tax
concerns. Below are ten helpful tax tips to help lessen Uncle
Sam's tax bite:
1. Keep very good records: Unlike
a large company in which someone is hired to maintain
records of all income and expenses,
it is up to you to keep
very good records, save all receipts and be able to support your
deductions.
2. Office space: Whether you have a
separate office facility or are using a portion of your basement
or a converted den, you can deduct
the percentage of your home
used exclusively for business purposes.
Take this percentage
off of your mortgage or rent payments as well as your utilities.
If you have a phone exclusively used for business,
deduct
those phone bills.
Con' t
========SPONSOR MESSAGE=======
Bookkeeping Service
Firm
Perfect G/L,
Statements,
Growth
Great Discounts For Only 25 owners!
www.acallresources.com
===== END SPONSOR MESSAGE ====
3.
Don’t forget business expenses: Keep receipts and good records
of business travel and other expenses including office
supplies, postage
and shipping costs, dues, subscriptions, and
anything else business-related,
including computer software
for your business and upgrades to
your system.
4. Deduct child care costs:
There are allowable deductions for daycare,
nanny care,
babysitting and any other type of childcare provided while
you
are working. Take the deductions allowable.
5. Set up a retirement plan:
You should consider setting up a self employed
qualified
retirement plan (i.e. SEP IRA) not only for tax purposes but for
the
same of saving money for your retirement years. If you
wish to start with
more than $2,000, you can opt for a Keogh
plan, which allows you to put
away more into tax-deferred
savings for your retirement.
6. Employ family members:
You can deduct medical expenses for your entire
family by
employing them legitimately.
Con't
====== SPONSOR
MESSAGE ==========
How
To Design Websites Do Sell?
Top 40 Web
Design Secrets To Convert Sales From Now On! The
Ultimate Marketing Weapon by Mike Chen, The Eight(8) Things You
Must Test, The Confidential Internet Intelligent Manuscript,
e-book by Mark Joyner And Much More.. For
Sales Now All For Only $27.00! http://consultingadvantages.com/Webconversionsecret/index.html
======END SPONSOR
MESSAGE ======
7. Defer income if
necessary: Being self-employed, you can alter your billing
slightly to defer income if you see yourself heading into a
higher tax
bracket.
8. Get money back from FICA: Being
self-employed, you pay both the
employer and employee portions
of Social Security tax. You can, however,
deduct half of these
payments on your 1040 form.
9. Increase expenses if necessary: Just
as you can elect to defer income, if
you see that your income
is high, you can make many more year-end business
purchases to
add some tax deductions before December 31st.
10. Get the right help: Look for tax
help from someone who is familiar with
self- employment, since
your needs will differ from those of a company.
Con't
Source: www.allbusiness.com
Related
Topics: Tax deductions
======SPONSOR MESSAGE =========
File
Tax Online Easy!
Simple Fill-in, All Forms Done ccuracy &
100%Satisfaction!
H&R
Block
=====END SPONSOR MESSAGE =======
Free Ezine
Subscription - Management, Tax
Tips: Subscribe To Save Tax, Increase
Sales, Traffic and Customers. Subscribe to get
The World Fastest Traffic Building System
, Effective Softwares and also to instantly place "free" ads to over 125,500 Websites every day!
Free Monthly Subscription
Now!
Subscribe you will also get20ARTICLES new . This zip file
will change your life. It covers from how to design
effective website to how to be on top of major Search Engines like
Google, Yahoo. It works! This offer could be changed
and
not be available near future. Click free subscription link above
now!
Ezine Back Issue Articles
Additional highly helpful
resources:
http://rss-feeds-directory.com
http://bloguniverse.com
Blogarama
http://www.newsknowledge.com
http://www.rocketinfo.com
SEARCH
Suggest
A Site & Subscribe
|