One of the biggest concerns a self-employed individual has is medical benefits. The solution to this problem for the self-employed is to open a medical savings account. Find out more!
The object of this article is to familiarize you with the basic types of retirement plans available to those whom are self-employed. What is the difference between a simplified employee pension plan and the money purchase arrangement, profit sharing and benefit defined Keogh plans you ask? Find the answer here...more
Tax Saving Strategies for the Self-EmployedEstablish a Keogh retirement plan before the December 31st deadline for the tax year. You will be able to deduct the contributions on the present year?s tax return. You don't have to actually put the money into your Keogh until the date of your tax return...more
What form do I use to claim business use of my home for tax deduction purposes? What are the criteria that must be met in order to be able to use this deduction? Find out the answers here!...more
Miscellaneous itemized deductions are claimed on Schedule A (Form1040.) If your adjusted gross income is greater than $126,000 ($63,300 if you are married but filing separately), you may have to reduce the amount of certain itemized deductions.
• Tax Relief Extension Act of 1999A most significant change in this new law is that for sales entered into after December 17, 1999, taxpayers are prohibited from using the installment method of accounting for dispositions of property that would otherwise be reported using an accrual method of accounting?
• Using the Cash MethodPrimarily, individuals and sole proprietors who do not have inventory use the cash method of accounting. If inventory is necessary to account for your income, the accrual method of accounting is used for sales and purchases?
• How to Use the Accrual Method?The purpose of the accrual method of accounting is to match income and expenses in the same year. Under this method of accounting, income is generally reported in the year it is earned and expenses are deducted or capitalized in the year they are incurred?
• Lessen Your Taxes by owning Your own businessDo you have a hobby that costs you a fair amount or that you spend a lot of time doing? You may be able to turn that hobby into a business, thus saving your some additional tax dollars!
In part due to the more than nine years of US stock market gains coupled with the fact that the economy is in the midst of its longest running expansion ever, a new class of Americans who need to be concerned with estate taxes and the infamous ?Death Tax? has been created. Find out how you can beat it!
• Qualifications to Recieve the Work Opportunity Tax CreditThis credit provides an incentive to hire individuals from targeted groups that have a particularly high unemployment rate or other special employment needs. This credit is equal to 40% of the first $6,000 of qualified first-year wages for each employee?
What special deductions am I entitled to as a self-employed person? Can I wait until the end of the year to start paying taxes since I just started my own business? Take a look at the answers o these and other frequently asked questions.
Find out what an ESOP is and how it can affect your tax liability. Why is it in your best interest to create a succession plan? More
