Our last post for self-employed folks focused on income and other items to report on Schedule C taxes. Today we give you the low-down on business deductions that can help offset the tax you owe. Take advantage of these business deductions to help offset the self-employment tax hit. Business deductions to keep track of include: Computer/printer and […]
Are you shaking your head, wondering how we could possibly claim that Fifty Shades of Grey and finance having anything in common? If you read the wildly popular bestseller or saw the blockbuster of a movie this past Valentine’s Day weekend, you know the story: billionaire, sexy man meets beautiful innocent young woman. He teaches […]
OK, so if you are a freelancer like me (either full-time or on the side), an independent contractor or run a small business, tax time gets a little more complicated. When it’s time for us to do our taxes, the IRS says we can expect to spend more than 10 hours just working on Schedule […]
Do you want to reduce your income tax? Then look carefully at the IRS’s allowable tax deductions. Deductions are subtracted from your adjusted gross income (AGI), determining the amount of tax you actually owe Uncle Sam. The IRS allows two ways to take deductions: the standard deduction or by itemizing certain deductions using Schedule A. […]
The internet is full of arguments put out by “tax protesters” arguing that collection of income tax by the federal government is unconstitutional. Understandably, everyone wants to avoid paying taxes, but the notion that collection of a federal income tax is unconstitutional is simply not true. Here’s why… The 16th Amendment to the U.S. Constitution, […]