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I searched one of our tax research services and found more than 263 articles with the words "self-employed" or "self-employment." That's a lot.
Where do we start?
Let's start with the following 10:
- Use the Section 05 plan to make your health insurance a tax-favored business deduction on your Schedule C.
- Employ your under-age-18 child to make taxable income disappear.
- Employ your spouse without paying him or her a W-2 wage.
- Rent your office, even your home office, from your spouse to save self-employment taxes.
- Establish that your home office is your principal office to increase (yes, increase!) your vehicle deductions and turn personal home expenses into business expenses.
- Give yourself flowers, fruit, and books as tax-deductible fringe benefits.
- Combine the home office and a heavy SUV, crossover vehicle, or pickup truck to grab significant deductions this year.
- Design a business trip that includes some personal days—days you treat as 100 percent business even though you don't work on those days.
- Use the seven-day tax deduction travel rule to create a business trip that is 87 percent personal vacation.
- Deduct your smartphone and provide smartphones to your employees as tax-free fringe benefits.
This email is for informational purposes only. If you are interested in hearing more about our services, we are a CPA firm specializing in tax planning and preparation, virtual CFO services, accounting, and tax resolution.
Book a time here, and let's chat.
Miguel A. Palma, CPA, PFS, CGMA
Founder of Palma Financial Services, Inc.
Results may vary. We recommend consulting with a financial professional based on your own needs. Please note that this email is an advertisement for our services relating to accounting, tax planning and preparation, virtual CFO services, and tax resolution.
Palma Financial Services, Inc. ("PFS")has helped small business owners minimize income taxes and build wealth since 1998.
PFS has achieved positive results for its clients, but our top clients' successes are not typical. Because past performance is not a predictor of future success, you may have more or less success depending on many factors, including your background, experience, work ethic, client base, and market forces. Additionally, at times we may discuss the law or new and pending legislation. Please know our understanding of it is continuously changing. You cannot and should not rely upon these communications for legal, financial, or accounting advice. For the latest updates, set up a time here.