Being self-employed comes with its own challenges and with the tax season upon us, it comes as no surprise that there is extra paper-work on your desk.
As a self-employed individual, keeping your records organized is the first step to breeze through the tax season. Keeping yourself updated about self employment deductions is going to make things easier for you.
Here are a few valuable tax breaks if you are self employed.
Health Insurance Deduction
Health insurance is commonly over-looked by self-employed. The premium is completely deductible against the income tax and the tax savings can be big, depending on the health insurance plan.
A person can deduct travel expenses as long as there is at least an hour of documented business discussions. Parking, air travel expenses and even using your own vehicle for business can be included in the deductions.
Clothing and Uniforms
Any specialized clothing is considered tax deductible as long as they are not suitable for everyday use, as specified by IRS. These include safety goggles, helmets, work gloves and uniforms.
Books, periodicals and any courses or continuing education you take for your business are all tax deductible. Make sure to have a proper documentation for both the expense and its relevance to your profession.
Utility bills, property taxes and even upkeep on your home can be tax deductible, if you have an exclusive room that you use regularly for your business purposes.
Tax Help MD
If you are self-employed and trying to work out your tax breaks, you don’t need to look any further! Our tax experts at Tax Help MD are there to help you get the tax breaks you deserve. Call us now on 888-632-4506 for free advice and consultation.