Self-Employment Tax Strategies
Don’t let your yearly tax burden steal the joy of running your own business.
Self-employment is a beautiful world – no bosses, flexible schedules, doing work you love – until tax season comes around. Running your own business is costly, and all those out-of-pocket expenses add up.
Luckily, being self-employed means you have many options for decreasing taxes that you wouldn’t have if you were just an employee.
Some of the best self-employment tax strategies include:
Increasing business-related expenses
Changing your entity structure
Increasing tax during years when you lose money
Deducting the cost of equipment, rent, advertising, loan interest, working from home, business use of your vehicle, startup costs… and much more
Turning charitable contributions into business expenses
Implementing these and other self-employment tax strategies helps you not only save money, but it also:
Retain Social Security retirement or disability benefits
Exempt some of your earnings from self-employment taxes
Pay taxes as an individual rather than a corporation
Contribute towards your retirement plan
Invest money into your company
Although it seems quick to only take the obvious tax-deductions for self-employment and move on, there’s a long list of options you can capitalize on to lighten your tax burden.
Let our tax planning experts guide you through all the ins-and-outs when it comes to saving money on self-employment taxes.
We won’t let you pay the IRS more than you should.