![]() Essentially, bad debts are any liabilities you can’t collect on. No matter how hard you may try, many small businesses end up with a certain amount of “bad debts” each year. If you’re self-employed, you can deduct the health care premium payments for yourself, your spouse, dependents, and any child under the age of 27. Those who own their own solopreneur business or own more than 2% of their S corporation also have some deduction options here. That’s why freelancers and small business owners can deduct the costs of their health insurance premiums in some cases. Staying fit and healthy can get pretty pricey-especially if you’re self-employed. Note that all accounts must be qualified retirement plans: that means you can deduct contributions to plans like SEP IRAs, SIMPLE IRAs, and 401(k)s. Retirement plansįor those freelancers or self-employed workers contributing to personal retirement plans, you can likely deduct those payments. You’re able to deduct the cost to consult external pros like lawyers and accountants, membership fees to professional organizations and even costs for business books, industry publications and online subscriptions. If so, you can likely claim those professional fees as a deduction on your year-end filing.
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