A Little Tax Help for the Self-Employed

If you are self-employed, or own a small business, you are used to hard work. Rolling up your sleeves and getting to whatever task is on hand for that day. One minute you are setting up your latest product on the shelf and the next sweeping a floor and cleaning a toilet.

self-employed | William Wolske, CPADuring this time of year, its taxes on the to do list! Fear not – the news isn’t ALL bad. In fact, there happens to be a lot of credits and deductions that the IRS can offer you as a sole proprietor of a small business!  The trick is discovering them all and taking full advantage of what is available to you.

Taxes can be very intimidating, especially if you are a first time submitter. But, here are a few money-saving tax tips for those looking to file their business tax returns;

  1. There are offers available for people who keep an exclusive use home office, but, there are certain stipulations. For instance, your kitchen table wouldn’t warrant as an acceptable desk. The space must be designated for your office use only.
  2. Keep track of your obvious business expenses and use them as deductions. However, be sure to use discretion and avoid trying to piling every single business transaction into a deduction. Good rule of thumb is as long as it’s an ordinary and necessary expense, you can deduct it.
  3. Go the distance with keeping track of your mileage too! This deduction is often overlooked for those working from home, as they don’t commute. However, if you travel for a conference or attend an event related to your business, you can track that mileage. The key, again, is keeping a good record. A travel log, which can be a simple notebook, is sufficient. That, along with all receipts, is a great rule of thumb.
  4. Paying for your own health insurance now? Making retirement contributions? The, write them up! They come with huge tax benefits!

To help with this task that may seem overwhelming, the easiest thing to do is to call a professional, like William Wolske, CPA. After all, why spend hours trying to figure out what to fill out, and then stress forever as to whether you actually filled it out correctly?

The bottom line is there are a lot of advantages to using William Wolske, CPA and they far outweigh the hassle of going at it alone. Contact our offices at 843.706.9644 and schedule a free consultation. We’ll go through your financial situation together and have your peace of mind waiting on the other end.