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Tax Tips Small Business
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Deducting the Business Use of Your Home
Don't overlook your home office
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If you use a portion of your home for business, you may be able to take a home office deduction whether you are self-employed or an employee. Expenses that you may be able to deduct for business use of the home may include the business portion of real estate taxes, mortgage interest, rent, utilities, insurance, depreciation, painting, and repairs.
Small Business Quick Tip
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Self Employed Health Insurance
If you are a self-employed taxpayer, you may deduct 100 percent of your health insurance premiums from your income. The deduction for health insurance premiums does not reduce your self-employment tax, however.
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Tax Tips Personal
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Charitable Remainder Trusts
Reduce your estate by gifting property
There are many ways to contribute to a charitable organization. You can write a check, donate property, or give of your time. If you're planning for retirement, you might want to consider making a gift of a future interest in your property by establishing a charitable remainder unitrust or annuity trust. These trusts allow you to contribute the property and retain an income stream.
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Personal Quick Tip
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Teacher Expenses
If you are a teacher who spent your own money for classroom supplies, you can take a deduction for up to $250 of those costs.