Category Archives: self employed tax deductions

Self-Employed Tax Questions: How Does Freelance Income Affect Your Taxes?

Do you make money as a freelancer? Whether you make a living as a full-time freelancer or just do it part-time, what are the tax consequences of this income? This article will answer that question. For tax purposes, a freelancer … Continue reading

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Small Business Tax Questions – What Bookkeeping Software Should You Use?

Any small business needs a good bookkeeping system. Without it, you’ll never know how the business is doing and whether it is profitable. Without it, you’ll have big problems at tax time because you won’t have accurate information to report … Continue reading

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Self-Employed Tax Questions: How Is Freelance Income Taxed?

As a freelancer, you must realize that you may incur federal and state taxes on your freelance income. This article will help you sort out the possible tax consequences of making money as a freelancer or independent contractor. First, you … Continue reading

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Small Business Tax Questions – What Expenses Are Tax Deductible?

When starting a new small business, one of the most common questions is simply this: “What’s deductible?” It’s a great question and this article will attempt to answer it. An expense is deductible provided it is ordinary and necessary. Ordinary … Continue reading

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Two Overlooked Small Business Tax Deductions

When it comes to tax deduction strategies, we all look for The Magic Pill. It’s tempting to wonder whether there’s a secret list of unknown and unused tax deductions that the government is hiding from the average small business owner. … Continue reading

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Can Your Business Account Be Used To Pay Personal Expenses?

Do you ever use your business bank account to pay personal expenses? Perhaps you’ve got some bills due tomorrow and to save time, you pay the mortgage or the electric bill right from the business account. Is that OK? This … Continue reading

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Self-Employed Tax Questions: Should I Buy A Company Car?

Here’s an excellent question that I received recently: “Thank you for your emails. I am about to buy a car, and I am trying to decide whether to make it a company car. My consulting business is a single-owner LLC, … Continue reading

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Self-Employed Tax Questions – How Much Self-Employment Tax Must You Pay?

Are you self-employed and wonder how much of the dreaded self-employment (SE) tax you’ll be required to pay this year? Read on to get the answer. Generally speaking, the SE tax rate is about 15.3% of your self-employment profit. The … Continue reading

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Small Business Tax Deductions: How Much Car Expense Is Tax Deductible?

If you use your vehicle in your small business or self-employment activity, how much car expense can you write off on your income tax return? Read on to find out. Vehicle deductions operate on this basic principle: your car-related expenses … Continue reading

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Why Do Some Small Businesses Pay Less Tax?

Can I make a rather bold statement? Here it is: Given the same amount of profit, not all businesses pay the same amount of taxes. Think about that. It’s probably something that you’ve always wondered about, maybe were even a … Continue reading

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