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Reply to "Business owners... what's your favorite tip or trick for self employment? Esp w/tax savings?"
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[quote=Anonymous]I just realized this week that I should have bought a new car last month. I'm totally kicking myself- I had a great year, too great because I owe quite a bit in taxes. I didn't realize you could take the full $25k deduction in one year.. very frustrating. It made me start thinking- any other small business owners out there have any tips or tricks to share? Mine: If your family has high out of pocket medical expenses, set up a medical reimbursement plan. All of your OOP medical expenses (for the whole family) can then be taken as a tax deduction, regardless of your income or the amount of expenses. You can only do this if you are self employed. [/quote]
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