Thursday, February 25, 2010

Ten Self-Employment Potential Deductions

Ellis Jackson of provides ten ideas for the self-employed to consider for potential tax savings. They include: mapping your house to see if you can justify a home office deduction; deduct health and dental insurance in full if you cover your whole family; meals and entertainment (at 50%!) are available but make sure to document; phone costs may be deductible, especially if you have a second line dedicated to your business and interest on business loans and credit cards (best if a business-dedicated credit card) are deductible. The second five covered by Jackson are: businesss mileage on your car (use standard rates and document), dues and subscriptions reasonably specific to your business (don't take Sports Illustrated unless are a business like Sport Clips), take 100% of expenses (except meals and entertainment) on out-of-town trips, education related to your business, and various retirement contributions.

Jackson's list is not particularly new and anyone using it should double-check with their tax preparer before getting too excited. Nevertheless, the list is a good reminder of tax opportunities available for the self-employed and may help some of the self-employed find legitimate deductions.


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