🙇‍♀️ Are tax write-offs basically free money? Let’s break it down in this episode of FACT OR FICTION: Many self-employed people think writing something off makes it free, but that’s... ❌ FICTION! A deduction reduces your taxable income. It doesn’t make the purchase free. You’re saving a percentage, not getting reimbursed dollar-for-dollar. 💡 Think of it like a discount: If you’re in the 25% tax bracket, a $100 deduction saves you about $25. Still real savings just not “free money.” ✨ Keeper Ti
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🙇‍♀️ Are tax write-offs basically free money? Let’s break it down in thi…
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TikTokkeepertax
#creatorsearchinsights So, what is a write-off? A write-off is simply something that reduces your taxable income. And the truth is — business owners have way more opportunities for write-offs than most taxpayers. Most write-offs are just the ordinary expenses it takes to run your business — things like supplies, software, advertising, or equipment. But as a business owner, you also have special opportunities — like writing off health insurance premiums, retirement contributions, and employee ben
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#creatorsearchinsights So, what is a write-off? A write-off is simply so…
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As tax return time approaches, a possible tax deduction that sometimes is missed is working from home expenses. This allows taxpayers to claim 80 cents per hour for every hour worked from home. If done from home, those self-employed can claim their time for invoicing, quoting, and contacting clients and supplies. This covers all your working from home expenses, such as: - phone expenses - internet expenses - the decline in value of equipment and furniture - Electricity and gas for heating, cooli
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