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Life as an entrepreneur is exciting. You get to control your lifestyle, your career, and your finances. When you’re raking in the money, life couldn’t get any better. However, as a taxpayer, you’ll need to remember to set aside some of your earnings for the federal government.
Paying taxes on your income is a relatively straightforward process if you work for an employer. However, it can be challenging to get your head around it if you’re a business owner or self-employed. If this is your first time filing a tax return with the IRS, then good luck. You might find that compiling your return is confusing and frustrating if you don’t know what you’re doing.
However, as a business owner or self-employed individual, you get to write off a portion of your expenses on your return. The IRS and the US government both realize the importance of stimulating small business growth in America. As part of the backbone of America’s economy, the government and tax authorities, issue tax breaks to help business owners continue to grow.
Writing off your expenses is fantastic if you own profitable businesses. You can get depreciation on the value of your vehicles and assets; you get to write off some of your home office costs, and much more.
In this brief guide, we’ll discuss which expenses you can write off on your return, and how to file your return correctly.
First-timers filing their taxes may be wondering what a tax deduction is, and how it benefits your finances.
The Internal […]