Posts Tagged ‘ business expenses ’

Those who are self-employed need to understand proper tax deductible business expenses to ensure they have filed their taxes correctly. Learn more here. Few people enjoy knowing that the end of the year brings about the requirement to prepare their annual tax returns. For those who are self-employed, there is an additional burden of making sure that they are claiming only valid business expenses. The Internal Revenue Service states “To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is…

Read more »

Self-employment can be referred to a person who works for himself/herself instead of as an employee of another person or organization, drawing income from a trade or business.  This person may additionally be referred to as a freelancer or by other ‘common’ names. Self-employed persons are sometimes eligible for more deductions than an ordinary employee. Travel, uniforms, computer equipment, cell phones, etc., can be deducted as legitimate business expenses.  There are a number of tax laws that affect those who are self employed, contractors, freelancers – remember you’ll be responsible for paying all of your own taxes, paying your own…

Read more »