Self-employment taxes started at $60 in 1935 😱, with the New regulations it is now up to $21,848 in 2021.
New regulations for 2021 enacted the following taxes:
If you have a vacation home, your vacation home can become a tax deduction. Identify your maximum business miles, so you deduct the most significant possible percentage of your vehicles. Use allocation methods that make your home-office deductions larger. If you would like help implementing any of the ideas above, please don't hesitate to contact us.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.