10 Proven Tax Reduction Strategies for the Self-Employed
![10 Tax Reduction Strategies (1) 199A Tax Deduction](https://lifetimeparadigm.com/wp-content/uploads/2020/11/10-Tax-Reduction-Strategies-1.png)
If you are a self-employed individual, you can feel overwhelmed when you search for strategies to reduce your taxes.
I searched one of our tax services and found more than 263 articles with the words “self-employed” or “self-employment.” That’s a lot.
So where do we start?
Let’s start with the following 10:
1) Use the Section 105 plan to make your health insurance a tax-favored business deduction on your Schedule C.
2) Employ your under-age-18 child to make taxable income disappear.
3) Employ your spouse without paying him or her a W-2 wage.
4) Rent your office, even your home office, from your spouse to save self-employment taxes.
5) Establish that an office in your home is your principal office to increase (yes, increase!) your vehicle deductions and also turn personal home expenses into business expenses.
6) Give yourself flowers, fruit, and books as tax-deductible fringe benefits.
7) Combine the home office and a heavy SUV, crossover vehicle, or pickup truck to grab big deductions this year.
8) Design a business trip that includes some personal days—days you treat as 100 percent business even though you don’t work on those days.
9) Use the seven-day tax deduction travel rule to create a business trip that is 87 percent personal vacation.
10) Deduct your smartphone and provide smartphones to your employees as tax-free fringe benefits.
Are you a sole proprietor and want more information? Download the complete checklist,
10 Proven Strategies to Lower Your Schedule C Taxes
If one or more of these looks good to you, let’s talk about how to make them work.
![](https://lifetimeparadigm.com/wp-content/uploads/2020/02/Randy-Signature_Full-Signature-150x150.jpg)
![18802_022_5x7BWhite (crop version)](https://lifetimeparadigm.com/wp-content/uploads/2020/08/18802_022_5x7BWhite-crop-version-150x150.jpg)
Cybersecurity Monthly Newsletter June 2024
Asset Protection In this issue: Microsoft Recall Feature Raising Security Concerns Cybersecurity Shorts Software...
Tax Rules for Providing Free Meals and/or Lodging to Employees
Tax Planning Bradford Tax Institute Here’s the good news: Section 119 of our beloved Internal Revenue Code allows your...
Did You Overfund a Section 529 Plan? Consider a Roth IRA Rollover
Tax Planning Bradford Tax Institute Have you established, or are you considering, a Section 529 savings plan for a...