Category Archives: self employed tax deductions

Small Business Tax Deductions – “D” Is For “Don’t Do Depreciation”

Do your eyes glaze over at the thought of those mind-numbing depreciation rules? Well, take heart, small business owner. Thanks to a tax law known as Section 179, you can probably kiss those depreciation rules good-bye. Depreciation is the name … Continue reading

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Small Business Tax Deductions – How To Deduct Commuting Mileage

For most folks, commuting mileage is a non-deductible expense — unless you know the legal tax loophole I’m about to reveal. The non-deductibility of commuter miles is painfully true for the employee who fights rush hour traffic every day, twice … Continue reading

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Small Business Tax Deductions: 4 Myths About the Home Office Deduction

Are you afraid to take advantage of the home office deduction? Perhaps you are the victim of one or more of these common tax myths. Unfortunately, many self-employed folks shy away from taking the home office deduction for at least … Continue reading

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Small Business Tax Deductions: 3 Keys to Hiring Your Children in Your Small Business

Have you ever wondered whether hiring your child to work in your small business is a legitimate business practice? Yes, it is perfectly legal to put your son or daughter on the payroll. This is a great tax deduction for … Continue reading

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Small Business Tax Deductions: How Do You Know If You Are Self-Employed?

When it comes to the employee vs. self-employed issue, are you unsure of your tax status with the IRS? This is a critical question and one that you must answer before filing your next income tax return. There could be … Continue reading

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Small Business Tax Deductions: How Does A Sole Proprietor Get Paid?

If you are a sole proprietor, are you wondering how to compensate yourself? This article will answer that question. By sole proprietor, we’re talking about the self-employed person who reports his or her small business on Schedule C. This also … Continue reading

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Small Business Tax Questions: Do You Really Have To Keep Receipts?

Do you ever wonder whether it’s really necessary to keep receipts to document your small business or self-employed tax deductions? Does the IRS expect you to maintain detailed records as proof of business expenses? The answer to that question is … Continue reading

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Small Business Tax Questions: How Do You Pay The Owner of a Small Business?

Do you own a small business and need to know how to compensate yourself? The way you pay yourself depends on the type of business entity you own from a legal standpoint. There are five possible scenarios: 1. Sole proprietorship. … Continue reading

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Small Business Tax Deductions: Top 3 Ways to Deduct All Your Medical Expenses

As a small business owner, do you wonder how to deduct medical expenses on your tax return? This article will help you sort out that issue. Medical expenses are deductible on Schedule A, but most don’t get to take advantage of … Continue reading

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Small Business Tax Questions – Are You Required To Deduct Expenses This Year?

If you’re a small business owner or self-employed person, what do you do if you have little or no income this year, along with substantial expenses? Do you have to report and deduct those expenses in the year in which … Continue reading

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