As a hair stylist, you’re probably more focused on giving your clients the perfectly tousled waves than thinking about your tax liability. But a bit of tax savvy can save you some serious dough at tax time—just make sure all your documentation is in line. See the full TurboTax article to learn how to get the most from your business deductions and minimize the taxes you may owe.
Real estate agents and brokers receive income in the form of commissions from sales transactions. You’re generally not considered an employee under federal tax guidelines, but rather a self-employed sole proprietor, even if you’re an agent or broker working for a real estate brokerage firm. This self-employed status allows you to deduct many of the expenses you incur in your real estate sales or property management activities. To find out more, read the full TurboTax article.
Discover the tax benefits for the self-employed taxpayer and his or her car used for business on the TurboTax Blog. 🚙
Renting out your home through services like Airbnb or FlipKey? Watch this helpful tax tip video from TurboTax for info on deducting rental expenses, home repairs and reporting your Airbnb rental income on your taxes.
You know you can deduct the price of those shiny new pencils. But here are a few of the more surprising business deductions out there, if they are directly related to your business.