Self-Employed: Don’t Miss These Tax Moves!

You don’t know what you don’t know! For example, did you know that many self-employed taxpayers qualify for a health insurance tax deduction? Or did you know that if you don’t file the proper forms for employers and contractors (on time), the IRS could disallow the amount you paid for help with your business - or charge you fines? And if you don’t have written documentation of your vehicle mileage and expense (including all the deets) - good luck trying to prove to the IRS that you qualify to claim that potentially massive tax deduction. 

All of the following links are worth the read! If you pick up even one little tidbit, it could save you hundreds (or even thousands) of dollars in tax deductions.

• What is Form 1099-NEC? - If you pay a contractor $600 or more, you probably need to file this form.
• How do I create W-2 and 1099 forms for my employees or contractors? - Don’t risk fines or disallowed deductions - file your forms by January 31st!
• Deducting Health Insurance Premiums If You're Self-Employed - Yes, it’s a thing! See if you qualify!
• Where do I enter my health insurance premiums if I'm self-employed? - Enter it correctly to get the deduction.
• What self-employed expenses can I deduct? - Great resource with common deductions for specific industries too!
• What is the Qualified Business Income (QBI) deduction? - Who knew! There’s a special 20% deduction for most businesses that show a profit.
• Business Use of Vehicles - Potentially a huge deduction! It’s often audited, so get it right!
• Can I Take The Home Office Deduction? - Simplified vs. Actual Expenses - which is better?

BONUS:  Retirement savings options that could save you big bucks, while paying yourself!

• Solo 401(k): Guide to Self-Employed Retirement Plans
• What is a Simplified Employee Pension (SEP)?

If you need tax advice or have questions that aren't answered in the links above, please ask in our Taxes forum that best fits your needs!