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Tips For Handling Taxes When You Are Self-Employed

More people than ever before in today's economy are choosing to be self-employed or to work from home.

That said there are some smart ways of handling taxes when you are a 1099 type of employee. For example, not surprisingly there are many tax advantages associated with the home office deduction.

Many individuals who are self-employed work out of their home and can use their home as an office deduction.

This unlocks substantial tax breaks that should never be overlooked. Those who work from home are able to write of a percentage of their utilities and even their property taxes.

Atlanta Lawyer For IRS Tax Help

In most cases, a dollar amount per square foot of office space can be written off successfully on a typical tax return.

Consulting with your Atlanta tax professional is the best place to start in this regard. As a note, the space that is considered a home office must be used exclusively for home office purposes.

In other words, a dining room table cannot typically be written off as a home office. In addition, taxpayers are advised to save as much as possible throughout the year so that a large tax bill is not encountered when tax time approaches.

Atlanta IRS Tax Professional

Small business owners or home-based business operations should remember that retirement plans are tax deductible.

Contributing to a retirement account is a smart way to lower your annual taxes as an independent contractor or home-based worker. In fact, there are scenarios where a taxpayer can save up to 25% of their net earnings by contributing to a retirement account and then deducting that amount from taxes.

If you are an independent contractor or work from home it is important to remember that business related items and expenses are always deductible.

Home-Based Business Owner

Everything from the cost of computer equipment to trade publication subscriptions and stamps as well as ink and paper can be written off successfully as a home-based business owner.

In short, many expenses related to the operation of a business can be written off. Talk with your IRS tax help professional in Atlanta to know specifically what items can be written off from your annual tax bill.

Keep The Money In The Family

Those who work independently or work from home should always keep all receipts as proof of expenses that have been written off.

This is especially true for those who have thousands of dollars in deductions to consider. Those who work independently can even name their children as employees.

Paying family members is a great way to keep the money in the family while also enjoying the tax advantage. Payroll expenses can bring down the taxpayer's overall tax bill substantially.

Contact The Gartzman Law Firm, P.C. an Atlanta, Georgia tax lawyer for guidance and assistance in a wide range of tax related issues.

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