Have you recently gone into business for yourself? Check out these ways to make tax law work for you.
1. Home-Office Deductions
The key to this deduction is to use part of your home or apartment regularly and exclusively for your money-making endeavor.
2. Health Insurance Premiums
You can deduct what you pay for medical insurance for yourself and your family whether or not you itemize.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
3. Social Security Taxes You Pay
If you’re self-employed and have to pay the full 15.3% tax yourself, you get to write off half of what you pay.
4. Retirement Tax Shelters
Once you start working for yourself, the door opens wide to tax-sheltered retirement plans.
Learn about more overlooked tax breaks for the self-employed.
-
-
Are You Overlooking Your Most Valuable Retirement Asset?
Selling your home and relocating could become a bigger part of the retirement conversation, given how real estate markets have boomed over the last decade.
-
Insuring Your Plan for Retirement Income
‘Longevity insurance’ ensures you don’t run out of money in retirement. How to figure out how much you need, the types of annuities to use and when the income should kick in are tricky questions, though.
-
Republican Tax Package Expected After Debt Ceiling Deal
With a debt ceiling agreement in place, Republicans could soon propose a bill to address some key tax changes.
-
Minnesota Rebate Checks and Child Tax Credit in 2023
Minnesota rebate checks and a new state child tax credit are coming in 2023. Here's everything you should know.
-
Record-High HSA Limit Coming for 2024
The IRS says health savings account contribution amounts are going way up — almost 7% more — for 2024.
-
States Where You’ll Pay Less Income Tax in 2023
Many states have lowered personal income tax rates for this year. Do you live in one?
-
Having a Baby Could Soon Cost Less in These States
Having a baby is expensive, but these states are trying to make it less costly by eliminating the tax on diapers.
-
Controversial Capital Gains Tax Upheld in Washington
The state’s historic long term capital gains tax is projected to bring in $1 billion over the next two years.
-
Federal Electric Bike Tax Credit Would Offer up to $1,500
Lawmakers have proposed a bigger version of an e-bike bill that would provide a tax credit of up to $1,500 on some new electric bikes.
-
Biden Wants a Higher Child Tax Credit and So Do Some Republicans
President Biden wants to revive the higher child tax credit and monthly advance payments, while some Republican senators have their own ideas for the popular tax break.
