Are you self-employed? Do you really know what you are doing when it comes to handling the income and expenses associated with your business? Tax laws can be very hard to follow making tax time treacherous. Do you know if you can claim home office expenses as a deduction on your taxes? What does it take to qualify for home office deductions? You may be surprised at what you can actually write off. My site will answer all of your questions about self-employment and taxes. Hopefully, the information included can assist you in reducing your tax bill and avoiding the dreaded audit.
Posted on: 25 February 2015
The last thing you want to hear is that your small business owes a lot of money to the Internal Revenue Service (IRS) in back taxes. It is a reality that hits some people, and if you're one of them, you might panic and think that you're headed to jail. This doesn't have to be the case because, if you know what to do, you can offer them a settlement, or an Offer in Compromise (OIC). [Read More]
Posted on: 11 February 2015
Once you decide to open a business from your home, many expenses in your life become tax deductions. Keeping copies of bank statements and receipts is important so that you can take advantage of all the deductions you have coming. If you're just starting out, you might be a little confused about which expenses you can deduct from your profits to lower your tax liability. This guide explains three of the deductions that you might not think about. [Read More]