As a sole proprietor, you know that the 15.3 percent self-employment tax can eat up your profits in a hurry. You may be able to use a simple strategy to ease this tax burden. Â If you own an office building or other assets, you can set up a rental arrangement with your spouse that could […]
Rent from your Spouse to Save on Self-Employment Taxes Read More »
Tax law allows you to deduct two types of travel expenses related to your business, local and what the IRS calls “away from home.” First, local travel expenses. You can deduct local transportation expenses incurred for business purposes such as the cost of getting from one location to another via public transportation, rental car, or
Travel and Entertainment Expenses Tax Deduction Read More »
Eight Tax Facts about Exemptions and Dependents Most people can claim an income tax exemptions on their tax return. It can lower your taxable income, which in most cases, that reduces the amount of tax you owe for the year. Here are eight tax facts about exemptions to help you file your tax return. 1.
Income Tax Exemptions Read More »
The summer is over, fall is beginning, and it is time to get back into the normal routine. But what if you decided to do something different this fall? While the kids are in school, instead of coming home from work and spending two or three hours watching TV, how about turning those evening hours
4 Reasons to Start a Business in the Information Economy Read More »
Filing taxes for self-employed entrepreneurs and small businesses can be quite complicated. In addition, tax liabilities can vary widely depending on the accuracy of your record keeping and which deductions you take. Since small business people are required to pay 15.3% self-employment taxes on all taxable income, it is in your best interests to take
Deductible and Non-Deductible Small Business Expenses Read More »
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