Jul
15
Do you have a small consulting business on the side? Are you involved in a network marketing business to supplement your income? Do you keep your receipts for coffee, snacks, lunch or any meals while you’re chatting about business? These are some questions your CPA or accountant will ask while preparing your taxes.
Did you know that you can take a deduction for your home office? You can also take a deduction for the office equipment including your computer, telephone and office supplies while working out of the house whether you are a consultant or an entrepreneur. Your accountant should know about everything you do regarding running a business out of your home in addition to your regular income from your job.
Did you know that you can get tax credits for making home improvements such as replacing windows and doors or purchasing Energy Star appliances? Did you know that you can deduct your family medical bills from your tax return if they exceed 7.5% of your adjusted gross income? Did you know that you can hire one of your children to work for you and pay up to $5,000 in wages that is not subject to income tax?
If you did not know about these tax benefits and tax credits, it’s time to have a heart to heart talk with your Seattle accountant and get information on how to take advantage of the new laws provided by the new administration. Meanwhile, start separating your bills into file folders for this tax season.