Lower Those Taxes?
October 17, 2006
“This is the first year I will have to file self-employment taxes and I’m worried I will owe a lot. What are some things I can do to lower what I owe?”
I’m not a tax expert and each person’s situation is different. Therefore I suggest you seek the advice of a tax professional to get a personalized list of things you can do to lower your tax liability.
However, for general information I believe there are certain expenses that you can write off. Things like computer equipment, office supplies, part of your utility bills and even a portion of your mortgage or rent. If you have older children you can pay them to work for you to help lower your liability.
Just remember to save all your receipts as proof of expenses paid out. You will need these if you are ever audited.
You can find more information at http://www.telecommutingmoms.com/office-taxed.html
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