Pam Adame, Mobile Notary Services
Tax Deductions That Can Save You Money
Many people dream of leaving their 9-to-5 jobs to start their own businesses, but they often forget to consider the tax implications of their decision. When working for themselves, individuals are responsible for reporting and paying their own taxes, which can be expensive.
However, independent contractors and business owners can take advantage of tax deductions to save money.
Some of these deductions include the home office deduction, health savings accounts, office supplies, telephone and internet service, business use of a car, and retirement plans.
While taxes can be daunting for independent contractors, proper planning can help reduce the tax bill and maximize profits.
When working for someone else, the employer is responsible for deducting and reporting taxes, but as an independent contractor, you must do it yourself.
Independent contractors are responsible for both halves of Social Security and Medicare taxes, which can be costly.
However, there are also many tax deductions available to independent contractors, including the home office deduction, health savings accounts, office supplies, telephone and internet service, business use of a car, and retirement plans.
Planning ahead and taking advantage of these deductions can help reduce the tax burden and increase the amount of money earned as an independent contractor.
Pam Adame
Mobile Notary