Tax Saving Tips for The Self-Employed

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Remember to Report Certain Foreign Bank and Financial Accounts by June 30 to the IRS

With globalization, more people in the U.S. have foreign financial accounts. "There are responsibilities that go along with owning such foreign bank and financial accounts," said IRS Commissioner Doug Shulman. "Foreign account owners must remember that they may have to report their accounts to the government, even if the accounts do not generate any taxable income."

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Employ spouse and deduct medical expenses for the entire family including sole proprietor.
Employ spouse and deduct fringe benefits.
Contribute to a SEP, SIMPLE or Keogh instead of an IRA and increase deductible contribution amount.
Employ a child and save Social Security taxes.
Employ a child and shift income to a lower tax bracket.
Maintain a qualified home office and deduct commuting mileage.
Maintain a qualified home office and deduct otherwise nondeductible home expenses.
Convert nondeductible hobby losses into deductible business losses by operating the activity in a businesslike manner.
Reduce Self-Employment (SE) tax by converting the business into an S corporation.
Deduct fringe benefits by converting business to a C corporation.
Turn charitable donations into business deductions by giving money to charities in exchange for advertisement.
Turn nondeductible vacation expenses into deductible business travel expenses by conducting some business while on vacation.

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Napier & Company, LCC

Certified Public Accountants & Business Consultants

Tax News You Can Use . . .

Remember to Report Certain Foreign Bank and Financial Accounts by June 30 to the IRS

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For website suggestions contact our webmaster at: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Tax Saving Tips for The Self-Employed

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