10 Tax Strategies for Schedule C Taxpayers: What, How, and Where

This is not only a what, but a how and where to implement tax strategies.

We provide you with 10 tax-saving strategies that put money in your pocket. We then show you how these strategies work for you and where to record them on your Schedule C.

Use the following 10 Schedule C strategies today:

Use the Section 105 plan to make your health insurance a tax-favored business deduction.
Employ your under-age-18 child to make taxable income disappear.
Employ your spouse without paying him or her a W-2 wage.
Rent your office, even your home office, from your spouse to save self-employment taxes.
Establish that an office in your home is your principal office, to increase your vehicle deductions and also turn personal home expenses into business expenses.
Give yourself flowers, fruit, and books as tax-deductible fringe benefits.
Combine the home office and a heavy SUV, crossover vehicle, or pickup truck to grab big deductions this year.
Design a business trip that includes some personal days—days you treat as 100 percent business even though you don’t work on those days.
Use the seven-day tax deduction travel rule to create a business trip that is 87 percent personal vacation.
Deduct your smartphone and provide smartphones to your employees as tax-free fringe benefits.

All of this sounds easy, except making sure adding this correctly on your tax return can get a little tricky. Lets face it, no one wants to mess up on their income tax return. That is why you should rely on a trusted tax preparer to assist you in making sure you get all the credit and deductions you deserve. It’s your money, make sure it stays in your pocket.

Shameless Plug: This is where we come in, with over 50 years of combined tax experience we are here for you! Schedule your appointment today: Contact Us