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10 Sure-Fire Ways An Independent Contractor Can Save Money On Taxes
Tax laws are written by politicians and they write the IRS laws to make society conform to the way they and their constituents want it. This is something that accountants and tax preparers teach every tax season.
Today’s politicians want workers for the rich so they can live in bigger houses and take vacations their employees only dream of winning the lottery to get. Those who want to help others end up giving the taxes paid by honest taxpayers to dishonest people, instead of those who are truly in need. However, you can help yourself pay less tax and make sure your tax dollars go where they matter.
Big business and the rich spend money on accountants to figure out how to fix taxes and give it to politicians to pass the laws they want. As a small business owner, you can take advantage of the same laws that the rich spend to get by.
Here are ten surefire ways you can use the IRS and your small business to your advantage, just like big business, and pay less tax.
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Run a business bank account because depositing in your personal account opens it up to IRS inspection. If you want to keep the IRS out of your personal account you should deposit all business money into an account that is only used for your business. That’s how big business keeps the IRS away from their other money.
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Don’t gift or donate, advertise instead. A business is only allowed one $25 gift per client, donations go to your personal form if you are not included, but you can expense all advertising done for your business directly on your Schedule C .If asked to give a gift or donate, ask if there is an advertising opportunity instead.
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Do not go to a business without necessary equipment. Any necessary equipment is deductible, so buy what you need to make a profit. Don’t wait!
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Travel is also deductible if you go on business. Get your spouse to work at the booth at a convention and you’ll both be part of the trip. What you do at night is your business as long as you’re both working on the show.
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Track every business mile you drive. This is often a large deductible for a small business so it is important to consider every trip to the bank or post office, store, for supplies and more. work) and follow special rules. Find out if you qualify or not.
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Find out what expenses are considered “normal and necessary” in your industry and track every business expense you incur that fits into this category. You’ll lose less of what the deductible is if you do. Any business expenses offset your business income.
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Spend money in the last few months of the business year on whatever your business needs to keep going. Do this and you will lower your taxes and grow your business faster.
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Anyone double dipping needs to be handed over and so should you never can increase their income. Unscrupulous people take their regular income from taxpayers in the form of undeserved social security disability, tax-free income, free housing, income checks, tax credits, support taxpayer funded, medical, etc. and double down by keeping 100% of all the income they make for themselves. People who lie about their income or the number of children they have so they can support the taxpayers are cheating you and making everyone’s taxes higher. An independent contractor pays 17% of their earnings toward social security and state and federal taxes. That means you can multiply the money in the double dipper by at least two because they don’t pay. These people steal from taxpayers like you, your spouse, parents, children and others, and many make more money than some of these people. If every honest taxpayer would give up on one or two of these dishonest double dipping fraudsters we would have more tax dollars for those who really need our help. Use IRS form 3949a, it can be anonymous and you can get a reward.
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Invest money now for your retirement. Anyone can save money for retirement and most can get an IRS deduction for any or all of the money saved. A business owner can create a SEP and save 25% of their pay toward retirement. That number might be hard to give up now, but you’ll pay less in taxes if you do, and when you’re older there’s money waiting.
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Look to the IRS to change the current tax laws for your benefit. There is strength in numbers so you may want to join a group of like-minded businesses before you start, but you should work to change the tax laws in your industry’s favor. Maybe there is a group for business owners in your industry. Check there first. It has worked for other industries in the past and it will work for you.
If you follow these 10 simple rules as an independent contractor, self-employed person or small business owner you will pay less in taxes. Skip one or two and you’ll pay more than big business does, and more than your fair share.
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