1) One of the major deductions is the business use of your car.
2) Decide the best tax usage of your car-Mileage or Actual Cost Method
3) You can switch the method of usage for car even if you used the other
4) Keep adequate travel records
5) Though most business meals are only 50% deductible, there are exceptions
6) Don't overlook deductions such as stationary and business cards
7) As a Self-employed tax-payer you are permitted to take a special "above the line" deduction for health insurance premiums you pay yourself and your family
8) Deduct business use items- Things use part for business and personal may be deducted for the business use.
9)Continuing Education expenses are deductible
10) All Dues are deductible
11) A portion of Equipment costs may be deducted in the year of purchase
12) Hire your Children
13) You might qualify for special tax breaks if you hire your spouse to work for you.
14) Home office Expenses for work done from home
15) Don't miss the self-employment tax deduction
16) Gifts to Clients up to $25
17) Keep Good Records
18) Check out the benefits of a retirement plan
19) You may also qualify for an individual retirement account
20) Don't under pay your taxes
21) Always take a sensible approach when it come to tax planning
This information is general in nature and should not be acted upon without further details and/or professional assistance. The tax laws contain numerous limitation and exceptions that cannot be easy or quickly summarized. To identify and implement the tax strategies best suited to your situation, please contact and certified CPA.
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