How to Employ Family/Get Money back from FICA/increase tax revenue for the self-employed

As a business owner/ entrepreneur me and my accountant always talk about ways I can lower my tax base or improve my families financial state. In this ever-changing world we must be ten steps ahead of everyone else. The following is just a couple of tips for the small business owner to increase revenue. I hope this changes someone's business for the better.

Instructions

Difficulty: Moderately Challenging

Things You’ll Need:

• Accountant
• Receipt book
• File Cabinet

1. Tax Tips for the Self-Employed
   
   1. Keep good records and save all receipts to support your deductions.
   
   2. Use Home office deductions. You can deduct the percentage of your home used exclusively for business purposes including phone bill deductions.
   
   3.Don't forget business expenses, including business travel, office supplies, postage and shipping costs, marketing materials and anything else you use for business.
   
   4. Employ your family members. If you legitimately employ family members, you can deduct medical expenses for the entire family.
   
   5. Defer your income if necessary. If you are heading into a higher tax bracket, defer some income.
   
   6. Get Money back from FICA by deducting half of your Social Security tax payments on your 1040 form.
2. 3.Don't forget business expenses, including business travel, office supplies, postage and shipping costs, marketing materials and anything else you use for business.
   
   4. Employ your family members. If you legitimately employ family members, you can deduct medical expenses for the entire family.
3. 5. Defer your income if necessary. If you are heading into a higher tax bracket, defer some income.
   
   6. Get Money back from FICA by deducting half of your Social Security tax payments on your 1040 form.

Tips & Warnings

• File everything check stubs, receipts, doctor bills, this will help you structure your tax write-offs. It is great to be organized. especially when you are in business for yourself.
• Avoid taking short cuts. Read up on your information. Become an expert at what you are into. Don't do your business with half effort.