Few occupations receive as much attention as the legal profession. Lawyers hold a high position on the occupational totem pole and are regularly portrayed as characters in a variety of media – films, television shows, books and others. Historically, the legal profession has possessed a considerable
Tax Deductions for Engineers, Architects & Construction Professionals
Careers in engineering, architecture and construction all have the potential to be extremely rewarding. Though these professions may emphasize different skill sets, they are similar in one very important dimension: all of these fields involve building new things from scratch. There is a creative
The Tax Issues of the Medical Field
When entering their chosen field, medical professionals mull over a number of important concerns. They think about their compensation; they ponder the frightening hours they may have to work; they think about the impact they will make on the lives of their patients. Rarely, if ever, do they wonder
Tax Write-Offs for Freelancers
Here are five major tax write-offs freelancers shouldn’t ignore when they are getting ready to pay taxes. Home Office This should be the most obvious since most freelancers work out of their home. The IRS allows freelancers to deduct a portion of their mortgage or rent, provided that this space is
Can Lawyer Fees Be Written Off on Taxes Legally?
Legal fees are always a pain to deal with. There are a lot of complex rules on what you can deduct and what you can’t. The answer is that only certain lawyer fees can be written off on your taxes. In most circumstances, though, you will have to count them as a personal expense. When counted as such
Three Tax Benefits for the Self-Employed
When you first begin your self-employment journey, it can seem overwhelming. There are so many things that you are responsible for handling. When tax time comes around your taxes are even more complicated. However, the good news is there are tax benefits for the self-employed. Listed below are some
How to Avoid Paying More in Business Taxes than You Have to
As a business owner, you want to pay the least amount of taxes possible. Therefore, today we are discussing how to avoid paying more in business taxes than you have to. Plan the Timing of Income and Business Expenses If you are self-employed, you can control when you are paid and when you spend
How Your Business Influences Your Taxes
When you set up your business entity – sole proprietorship, partnership, corporation, or Limited Liability Company - there are tax differences between each one. Today, we are discussing how each business entity influences your taxes. Sole Proprietorships This is the easiest and quickest business