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Tax Saving For The Self-Employed

Let’s be honest, we’re all looking for a way to pay less in taxes at the end of the year…that’s legal of course. Let’s be even more honest, there’s not a lot you can do as a regular employee to lower your tax burden. So what’s the answer?

Tax GuyNow I know that getting the consistent paycheck and having the ability to budget feels great and is really important to some, but consider for a moment some of the benefits of being self–employed.

  • You can deduct your mileage that is used for work.
  • You can deduct travel if it’s combined with business.
  • You receive big benefits by hiring your kids.
  • You can open a retirement plan to shelter profits from the business.
  • You can set up a home office to maximize your write-offs.
  • You can deduct your medical expenses.

Are you convinced yet? Maybe you just want to try it out to see for yourself what can be done. Well keep your job and start a consulting business on the side. You may not get the full benefit of being self-employed, but you’ll start to see the power of owning your own business around tax time.

Don’t just take my word for it. Talk to your accountant or get referred to a tax professional that specializes in working with the self-employed and let them guide you. You can also get some great information by downloading our free report “9 Items to Discuss With Your Tax Professional”.   Remember, knowledge is power and education is the key.


Dino

Leading the industry through his innovative approach, Dino Katsiametis has over 17 years of extensive experience within mortgage, banking and real estate industries. His passion for the collective financial and investment services sector combined with his distinct insight, has catapulted Money Matters with Dino onto the forefront of financial news.

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