Manage episode 292752807 series 2808435
Wanna know what advice I share with clients who are setting out to blaze an entrepreneurial trail? Tune in today to learn about the tax consequences of being self-employed, and some strategies you can employ to reduce your tax bill. I discuss the IRS definition of a home office & the types of business expenses the IRS considers deductible. I also mention a few “above the line” deductions that can reduce your regular income tax expense.
In addition I share a couple of advanced tax strategies for saving money on self employment tax & income tax. I also counsel new sole proprietors on ‘best practices’ for tracking business income/expenses. And I opine on the importance of setting some fiat aside for the (inevitable) year end tax liability.
All this expert advice is available to you for the low, low cost of zip, zilch, & nada!
Full show notes at www.justaddliberty.com/25