You can deduct contributions to your SEP, and contributions to the plans of your employees, which can create significant tax savings for entrepreneurs.
The Section 179 deduction allows you to fully deduct certain qualifying property in the year purchased. To better understand, read more here.
If you are relocation for business reasons, your moving expenses may be deductible. To find out if you are eligible for a moving expense deduction read on.
In most cases you can deduct insurance expenses related to your business. Before deducting, read more here or discuss with your tax advisor.
You can deduct a portion of your self employment tax when you file your tax return at the end of the year. Read more here.
Purchasing books, magazines and subscriptions for business purposes can be deductible come tax time. To better understand, read more here.
Understanding 401K plans and tax deductions helps makes doing your taxes easier. Be sure to know what you can deduct this year by reading more here.
If you have incurred office expenses like printing and postage, you may be eligible for deductions. To see if your office expenses can be deducted read on.
As a sole proprietor you should understand the pros and cons of doing so and compare its features to those of other organizational structures.