Even the most experienced tax payers have overlooked the simplest ways to legally avoid unwanted wasting of their wages. Determine if you are eligible for any of these 9 tax breaks and if so, make sure you take advantage of them! An accountant or other tax professional can be very helpful here, as some tax laws can be complex.
1) Self -Employ or Incorporate Yourself
If you are employed and do some work to earn money on the side, if you are a freelance worker or run a small start-up business, then you are in luck. Citizens who work from home can receive tax breaks on home office costs. While getting these write offs can be tedious for some folks, they will save you some bucks in the long run. Business travel ex-penses, meals, health insurance premiums, retirement accounts, and office supplies can all be accounted for, assuming you qualify and the expenses are properly documented. Freelancing certainly has its perks, but be sure to maintain records of all jobs and invoices, and be prepared to fill out tax forms as an independent contractor or file as a corporation. Failure to do so could result in penalties.
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