Self Employed? Make Sure You Maximize Your Tax Savings [Sponsored]
McGee, Hearne & Paiz knows the self employed already have a lot on their plate, but remind you to ensure you're doing all you can to minimize your tax liabilities.
Don't overlook these important tax strategies:
- Mileage is deductible, so make sure you keep a log for your business-related travel.
- Home office? Many related expenses are deductible!
- Did you participate in any educational efforts to improve your business, such as a class or workshop? Deduct those expenses.
- Does your family health insurance come out of pocket? You can deduct those dollars!
- Talk business over lunch with a colleague? That's a meeting, and the associated costs are a write-off.
- The best self-employed tax write-off is to invest in an IRA – individual retirement account.
These tips are provided and sponsored by McGee, Hearne & Paiz, LLP. MHP is small enough to provide clients with quality personalized service beyond comparison, yet large enough to offer a depth of service from more than 65 partners and employees.