5 Tax Deductions Every Contractor Must Know in 2025 скачать в хорошем качестве

5 Tax Deductions Every Contractor Must Know in 2025

Work with me for FREE for 30 days: https://nextsteps.guidepostaccounting... I’ll show you 5 key tax deductions you can use in your business. You can save thousands in taxes and keep more of your own money too! I’ve been working as an Enrolled Agent since 2021 saving clients hundreds of thousands on taxes. Deduction 1: Retirement plans ● 401k or SEP ● Must be profitable and cash flowing ● Huge deductions Deduction 2: Entity Selection based on future goals ● Looking to grow, scale, then exit might need to plan for capital gains tax ● Long term maybe go s-corp ● Either way, avoid Schedule C if expecting strong consistent income Deduction 3: Self-employed health insurance deduction ● Health insurance costs a lot ● Get a deduction for it ● More complicated on how to report it properly Deduction 4: QBID = 20% deduction from your net income ● Not available for SSTB at higher income levels ● Make sure it’s there, I’ve seen it missing on tax returns! Deduction 5: Bonus deprecation or Sec 179 for large equipment purchases ● Not always worth it since it requires spending money to get the deduction, so don’t just buy stuff for a tax deduction. ● May not make sense to take the full deduction ● Deduction not as big for trade-ins