The home office deduction can save you taxes. It allows you to deduct a part of your rent or mortgage payments, utilities and other home expenses. It can also increase your business mileage deduction. Yet, there are many requirements you must meet to qualify for the deduction.
The mileage deduction is one of the largest tax savings you can get if you use a personal car for business purposes. But, there are various vehicle-related deductions for the self-employed. Let’s go over the parking deduction and see how it can impact your tax bill.
As a small business owner or independent contractor, you face an interesting question: What should you pay yourself? In this post, we’ll go over some of the factors you should consider when deciding on what your business owner salary should be.
Tax preparation fees paid to people or for computer resources can add another financial burden, particularly if you’re paying the quarterly self-employment tax. Are these tax preparation fees deductible? Read on to learn about how deducting tax preparation expenses can help offset these common fees.