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Self Employed? Make Sure You Maximize Your Tax Savings [Sponsored]

Self employed? Make sure you don’t overpay your taxes. (Scott Olson/Getty)

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.

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