Sun. Jun 13th, 2021

My earning money on the side allows you to deduce your business expenses. This is significant ramification to have this avenue of tax deduction. But before you …

By Ronnie

29 thoughts on “10 Self Employment Tax Write-offs to Make You Rich”
  1. How would you provide receipts from purchasing inventory from places you don’t receive receipts from? etc. Yard sales, Facebook marketplace meetups

  2. 1 important expense overlooked here, is that if you need to go back to school to learn how better to manage your business, you can also write that cost off as well. Any professional publications or training are 100% expendable.

  3. Other things you can write off could be phone and internet bills, transaction fees, business-related subscriptions, your actual LLC or business filing fees, payment to set up your website etc…

  4. 1. Health Insurance
    2. Retirement Accounts
    3. Vehicle Expenses/Mileage
    4. Travel Expenses
    5. Communication Fees (Cell Phone Bill)
    6. Business Meals (Rare)
    7. Rental Fees (P.O. Box)
    8. Office Expense (Space used)
    9. Minute Daily Expenses
    10. Equipment (% used for business)

  5. so where i get confused is writing things off and the standard deduction. do all the things that you're writing off have to exceed the standard deduction 12,200$? or is this just for a w-2 employee? if anyone can explain that would be great thank you.

  6. It’s crazy that everybody has to pay taxes on “their” time. You exchange your “life” or “time” on this earth for doing something, and you get taxed for it. Hmmm…

  7. How do you set up a business to write these things off? When do you become valid in the eyes of the government as a business owner? I want to start a business and this have huge expense to make to start this business but since I haven’t even made any profit yet how could I write everything off?

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