Being self-employed creates a lot of tax questions. Two that I see most frequently concern making sure you get all the deductions you’re entitled to and how you pay your tax. I only have enough space here to hit the highlights but hopefully this will help.
As tax filing season speeds on toward that inevitable April 15th deadline, I want you to take a moment before you either hit send on your e-file, drop the return in the mailbox or sign the electronic filing authorization form for your tax preparer, and make sure you haven’t missed a retirement plan deduction.
As I have told you several times, the 2017 Tax Cuts and Jobs Act significantly increased the Standard Deduction, so many more taxpayers don’t have to go through all their medical bills, collect real property and vehicle tax payments, and add up all your charitable contributions.
With the recent changes in tax law, many more taxpayers are taking the Standard Deduction, rather than itemizing deductions like taxes, mortgage interest and charitable contributions. Tax deduction or not, supporting the efforts of a nonprofit can be the right thing to do. But you want to make sure you preserve your deduction if you need it. Here are rules to remember if you make a gift to a charity to ensure your deduction.