15 Common Tax Deductions for Self-Employed Individuals

Being self-employed offers numerous benefits, including the flexibility to be your own boss and the potential for greater financial rewards. However, it also comes with its own set of challenges, particularly when it comes to taxes. Fortunately, there are several tax deductions available to self-employed individuals that can help reduce their taxable income and maximize their savings. In this comprehensive guide, we will explore 15 common tax deductions specifically tailored for self-employed individuals, allowing you to keep more of your hard-earned money.


Credit Card Interest:

One often overlooked tax deduction for the self-employed is credit card interest. If you use your credit card for business expenses, the interest you pay on those charges can be deducted. This includes interest on both business-specific credit cards and personal cards used for business purposes. Be sure to keep detailed records of your business expenses and the corresponding credit card interest paid....

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The Rise of Electric Vehicles and the Associated Tax Breaks


Electric vehicles (EVs) have emerged as a viable and eco-friendly alternative to traditional gasoline-powered cars. With advancements in technology and growing concerns about climate change, governments around the world, including the United States, have implemented various incentives to encourage the adoption of EVs. One such incentive comes in the form of tax breaks, providing financial benefits to EV owners while promoting a sustainable future. In this article, we will explore the rise of electric vehicles and delve into the tax breaks associated with them.

The EV Revolution and Environmental Benefits:

The transition to electric vehicles marks a significant shift towards reducing greenhouse gas emissions and combating climate change. EVs operate solely on electricity, eliminating tailpipe emissions and reducing dependence on fossil fuels. By embracing this technology, we can mitigate air pollution, improve air quality, and work towards a sustainable...

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Find Out Which Electric Vehicles Qualify for the EV Tax Break!

Only about a dozen vehicles qualify for the EV tax break -- check out this article to find out which ones!

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Child Tax Credit: 2023 Update

Here's some information on the Child Tax Credit for 2023.  Make sure you're applying tax credits properly (or verify with your tax preparer), as the IRS takes particular interest in misapplication of tax credits when they conduct reviews.  Today's tax prep mistake is tomorrow's tax bill!

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Tax Deductions Related to Charity Auctions

It is common practice for charities to hold auction events where attendees will bid upon and purchase items. The questions often arise whether (1) the money spent on the items purchased constitutes a charitable donation and (2) what kind of charitable deduction the individual who contributed the item is entitled to. 

The answer to the first question is some, but not all, of what’s paid for the item may be deductible. So, if you purchase items at a charity auction, you may claim a charitable contribution deduction for the excess of the purchase price paid for the item over its fair market value.  Fair market value being the amount the item would sell for on the open market when the parties to the sale are aware of all the facts, are acting in their own interest, are free of any pressure to buy or sell, and have ample time to make the decision.

You must be able to show, however, that you knew that the value of the item was less than the amount you paid for it. For...

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Real Estate Tax Incentives


If you're a real estate investor, and you're paying a lot of tax, you're doing something wrong!

In this video, I'll show you more tactics and strategies for maximizing rental property tax benefits and increasing your rental property cash flow. We'll go over:

-- rental income tax deductions
-- rental property expenses
-- repairs versus improvements
-- tax reduction strategies

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Rental Property Tax Benefits


Do you need more cash? Well, if you're a real estate investor, you're probably sitting on it as we speak!

In this video, I'll teach you about various rental property tax benefits and tax strategies for real estate investors, including the following topics:

-- rental income tax deductions
-- rental property expenses
-- how to avoid paying taxes
-- after tax cash flow
-- depreciation explained

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Business Tax Deductions


Are you overpaying on your taxes? Most people are!

In this video, we'll go over tax planning strategies as well as business tax deductions. Some specific topics we'll be discussing:

-- after tax cash flow
-- tax savings strategies
-- qualified business deduction
-- how to reduce self employment tax

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Real Estate Tax Benefits


In this video, we'll provide an introduction to real estate tax benefits and rental income tax deductions.

Real estate investing is a tried and true method when answering the question of how to pay less taxes. It's also one of those assets that generate cash flow: passive income that can replace the earned income you get from a 9-5 job. This is why we feel so strongly about the power of real estate investing.

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Tax Planning Strategies

tax deductions taxes Aug 27, 2021

In this video, we'll cover more tax planning strategies and ways to pay less tax and increase cash flow.

You'll find out how you can apply various business tax incentives to accelerate your after-tax cash flow and then funnel that cash towards increasing your net worth. These tax savings tips are invaluable to your success at building wealth!

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