Welcome to Tax Saving Guide
Education Savings Tax Exempt Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
How To Reduce My Taxes Being Self Employed
from:Being self employed creates some special tax challenges. And, often business owners wonder how to reduce my taxes being self employed. They may not be obvious, but there are some ways to reduce your taxes. But, when you’re self employed, it will take some diligence to keep track of the deductions you can take.
If you’re wondering how to reduce my taxes being self employed, one of the first items you should look at is your retirement savings. Saving for retirement helps you reduce your adjusted gross income, which is the amount you pay taxes on. Everyone who is self employed should be contributing to an IRA of some sort. If you’re single, and have no access to a company sponsored 401k, your contributions to an IRA are tax deductible up to $4000, or $5000 if you’ll be 50 years old by year end. If you’re married and your spouse is involved in a company sponsored 401k, then you can contribute up to $4000 or $5000 if you’ll be age 50 by year end, provided that your joint adjusted gross income is less than $156,000. Reducing your adjusted gross income is a great way to save on taxes each year. In addition, you’re saving for retirement, which is important for all of us. And, in an IRA account, you won’t pay taxes on the interest you accumulate until you begin to make withdrawals from your account during retirement.
If you’re still wondering how to reduce my taxes being self employed, take a look at your deductions. The self employed are afforded many deductions for business expenses, and there are some that you may not have thought of. The IRS says that you can deduct any reasonable business expense. For example, if you use a cell phone to do business, you can deduct not only the cost of the phone itself, but also some or all of your monthly bill. If you’re required to wear uniforms that you must pay for yourself, these can be deducted.
There are still other deductions for those wondering how to reduce my taxes being self employed. For example, if you entertain clients as part of doing business, you can deduct 50% of what you spend from your taxes. So, save all those receipts when you take your clients out to dinner, as they are a reasonable business expense. And, if you have employees and you throw an employee event, such as a picnic, these expenses are 100% deductible.
Hopefully these tips have helped you learn how to reduce my taxes being self employed. For more tips on reducing your taxes, talk to your tax advisor.
Education Savings Tax Exempt Specific Links
Connect at Current.com
- Stay current! All the Latest News and Videos: Entertainment, Politics, Sex, Tech, and Music. See whats new at Current.com.
-- http://www.current.com/
Watch Free Videos At Mevio!
- Tons of Free Videos, Only At Mevio.com
-- http://www.mevio.com/
Ubergizmo: Consumer Electronics News and Reviews
- Ubergizmo is a trendy web magazine about consumer electronics news and reviews
-- http://www.ubergizmo.com/
Howie Mandel & The Talking Pine
- Howie Mandel tries to come up with a holiday campaign for Buy.com. Buy.com has millions of items at amazing prices, free shipping, video reviews, over 20 major categories of products.
-- http://www.youtube.com/
Free Tech and Gadget Reviews!
- Watch GeekBrief With Cali Lewis on Mevio!
-- http://www.geekbrief.mevio.com/
Education Savings Tax Exempt News
Tax revaluation causes anxiety - Princeton University The Daily Princetonian
Tax revaluation causes anxiety Princeton University The Daily Princetonian, United States - “I’ma federal retiree with my life savings in the stock market and my 401(k), and they’ve taken a real hit, but my property taxes have gone up $1100,” he ... |
PTPTN links up with Maybank - The Sun Daily
PTPTN links up with Maybank The Sun Daily, Malaysia - SOME RM11.29 million was deposited in Maybank by National Education Savings Scheme (SSPN) investors over an 11-month trial period in 2007 and this year. ... |
10 Year-End Tax Planning Tips from Grant Thornton - SmartPros Accounting
10 Year-End Tax Planning Tips from Grant Thornton SmartPros Accounting - Jump-start a 529 plan for education. Think about using a 529 plan to save for future college expenses now that the tax advantages of the plans are permanent ... |
There are many tax planning tips out there - Times and Transcript
There are many tax planning tips out there Times and Transcript, Canada - Make an RESP contribution before year-end to get the Canada Education Savings Grant (maximum of $500 or 20 per cent of your contribution up to $2500) for ... |
As year winds down, look for ways to minimize your taxes - Dallas Morning News
 Dallas Morning News | As year winds down, look for ways to minimize your taxes Dallas Morning News, TX - Think green: There are tax credits available for several energy-saving investments, including installing alternative energy devices such as solar panels, ... |