Share what you know with millions of people
Focus is the best place to turn what you know into remarkable content
0
What are the main self employment deductions that people take?
If you are self employed, what are the main deductions that you can claim for your quarterly and annual taxes? If your child works for your business, can you deduct his/her wages? What deductions should self employed individuals be on the look out for?
Events
- Dos and Don'ts of Small Business Marketing May 29 @ 11 am PT
- Lead Nurturing 202: The Next Generation May 31 @ 11 am PT
- The Tricks to Paid Media June 6 @ 11 am PT
- Display Advertising for Brand Awareness June 20 @ 11 am PT
Related Activity
4 Answers
If you do have children, teen agers, yes you can pay them to do filing etc. you can even set them up with a ROTH IRA. I asked my accountant this one.
I have a home office and take the home office deduction. I have a predefined office and when you take the space allotment in my case I think it is 6% I get to deduct 6% of utlitiies, landscaping, water bill etc, as my home office decuction.
Do you have a SEP IRA or retirement vehicle? Do you pay for your own insurance?
What are you doing with respect to your car? I am on mileage only because I have been and my car is paid for.
Glenn, we don't have kids, so I'm going to side-step that question. As far as other deductions, the ones that I think may matter most are the ones for your workspace (which needs its own locking door and must meet other requirements your accountant should know cold), your connectivity (Internet and voice) and your business-related travel (again, talk with your accountant). Make sure you have a knowledgeable accountant experienced with supporting self-employed clients. You might also talk with a lawyer and/or check out Nolo.org for useful legal advice and information, some of which is free. Can't wait to see what others say in response to your great question -- make sure to let us all know what else you learn, please?
Derek,
thanks for the information. So what is your proffesion at your home office? NAd how much diductions do you acctually get back when you claim this infor in your taxes???
Can you set a 3 year old on a ROTH IRA???
Thank you in advance
Not much on the home office. But something is something. I don't think a 3 year old can do work honestly. Let us be real. We don't want red flags from IRS.
Answer This Question