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Editor Note: Merry Chrismas & Happy New Year To our
firm's special members! Saving you tax is one of our main
objectives. Our firm always want to help you reduce your
tax to minimum every year with simple and easy ways as
much as possible.
This month our ezine feature " Tax Strategies for
Self Employed" By Mr. Chapo, an excellent article for your to
eliminate your tax fully with current tax regulation you entitle
to.
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CONTENTS
_Publisher's Article: ***** Tax Strategies for Self Employed By Mr. Chapo
_Market's New
Inventions
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& Announcements
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Feature
Article:
Tax Strategies for Self Employed By Mr. Chapo
Self employed individuals
always cringe at the amount of taxes
the pay to the IRS and state.
Here are tax strategies for self
employed individuals that reduce
those tax amounts.
Tax Strategies for Self Employed
The good news is being self employed is one of
the best
tax strategies out there. Unlike a salaried employee,
the
full scope of tax credits and deductions available in
the
tax code are now available to you. The key, of course,
is
understanding the available deductions and organizing
your business
in a manner that allows you to maximize
the write-offs.
The number one tax strategy for self employed
individuals is
to keep receipts for every business expense
and write them off.
Practically anything can be deducted, so do it.
Acceptable
expenses include cell phone usage, business
mileage, office
supplies, home office deductions including part of
mortgage
or rent and so on. If you’ve filed a tax return while self
employed,
you are probably already aware of this so lets move on to
more
specific tax strategies for self employed individuals.
Cont'
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Maximizing you non-capital
losses can result in major tax savings.
If your expenses exceed
your income for a year, you obviously
will not have to pay taxes
for that year. What most people don’t
realize, however, is that
such losses can be carried forward for
seven years and deducted
against future income. Alternatively,
the same losses can be
carried backward three years to recover
past taxes paid. The end
result of this situation is you can turn
a bad business year into
an income generator by applying the
losses to taxes in other years
which effectively wipes out your
tax bill for those years.
Another tax strategy is to look at your side
businesses. If you
have one business, you’ll often have a second
one that is tailored
to making some money off a personal interest.
While you are in it
mostly because you like it, you may not realize
it qualifies as a
business and can help you reduce your taxes.
Let’s assume you
are primarily a self-employed consultant, but also
write travel
articles on the side. You may view the travel articles
as a hobby,
but it is in fact a business. If you’ve sold or even
tried to sell
any of your articles to a publication, all of your
expenses related
to travel writing can be deducted from your
taxable income. This
includes trips and so on. These, deductions
can significantly
reduce your taxable income from the consulting
business.
Make sure to get a grasp of your overall business
efforts,
even if you don’t really consider them to be a
business.
Con't
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Consider employing your children to
save on taxes. A child
under 18 that works for you does not have to
pay FICA and so
on. If the total wages for the year are under
$4,250, they will
pay no taxes and you can write off this amount as
a legitimate
business expense. Of course, the child needs to
actually be
doing a legitimate business task, but filing and
similar manual
tasks certainly will qualify.
Tax strategies for self employed are plentiful. If you are
self
employed, consider getting professional help. A good
professional
will save you thousands upon thousands of dollars in
taxes, more
than making up for their fees. Oh, you can also deduct
their fees!
Click the links to the right to find help with
minimizing your taxes.
Mr. Chapo, Author and owner of http://www.businesstaxrecovery.com
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