Ed Lloyd points out a few tax benefits that self-employed people in the USA enjoy:
Ed Lloyd & Associates PLLC are a Certified Public Accountant and provide various accounting and tax services to organizations and individuals in Charlotte. Their experts point out that many people have now started giving up their jobs and moving to freelancing and other self-employment methods. These people have a completely different set of issues when it comes to paying taxes. But they also enjoy some tax benefits which their counterparts in full-time jobs would not be eligible for.
Health Insurance –
People who are self-employed are eligible for tax deductions on the amount they might have paid for themselves and their family members. But this is not allowed if he is part of a subsidized health plan that might have been provided by the spouse’s employer.
Home Office –
Edward Lloyd points out that in case a person works from home and uses a part of the home for his/her work purpose, then he/she is eligible to deduct a portion of the housing cost that is being incurred annually. These deductions include the rent or mortgage, insurance and the charges that are spent on utilities.
If a self-employed person uses a part of the house he lives in for the purpose of his work and then he is eligible for deduction on a part of the utility costs that he spends for his work. On the other hand, if the person has rented or uses some other place for his work, then the whole costs incurred on utilities are fully eligible for tax deductions.
Supplies for Office Use –
A self-employed person is also eligible for deductions on the amount he spends to acquire office supplies. This includes chairs, desk, printers, filing cabinets etc.
Thus, according to the experts at Ed Lloyd & Associates self-employed people can save a lot of money by understanding the benefits that have been given to them under the income tax law.
Want to know about the tax benefits that are enjoyed by senior citizens? Read – Ed Lloyd & Associates’ List of Tax Benefits for Senior Citizens in USA
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Who doesn’t want to save on taxes? We all want that little plan that helps us avoid the taxes altogether. It’s not easy to save them every time but certain tax-saving tips can help you avoid paying unnecessarily.
With years of experience in tax planning, experts at Ed Lloyd & Associates share some tips:
Do You Qualify For Earned Income Tax Credit?
This is a mistake much makes. Sometimes you don’t even know if you come under the tax slab so it’s most important to find that out before you take any steps. Ed Lloyd & Associates PLLC explains, earned income tax credit that applies to moderate and low-income taxpayers can offer credit till about $6,000. Experts often assert that anyone who earns less than $50,000 should ask their accountants if this credit applies to them. There are many times when you do not even qualify for this and don’t realize it they so lose out on the benefit.
Become An Entrepreneur
When you become a businessman, you have more control over your taxes. Ed Lloyd CPA points out that you have the liberty to keep money in your company’s account instead of taking earning it as income. And then you can easy put certain costs under expenses. Even more, accounting experts can easily help businesses to navigate through the norms on taxes that keep changing and guide you on how to avoid certain taxes. You have more options of keeping your money as savings and don’t have to worry about paying tax on everything earned. Since it’s your own business things can be altered to get you the best saving plan.
College Saving Plans
There are very few parents who create 529 college savings accounts for their kids. So, basically, you miss out the tax benefits. Parents don’t have to pay taxes on earnings so long as you have tuition to pay for.
Get your best saving plan today and walk into a profitable future.
Need advice on post-retirement taxes? Have you planned it yet? If not, get some tips here – Understand What 401 (k) Has In Store For You With Ed Lloyd & Associates PLLC
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Passing away of a spouse is the most detrimental event that could happen to any individual and can also set them back by quite a lot, both emotionally and financially. In case that the spouse who passed away was the bread earner of the family or earned the majority of the funds that run the family, bringing the household back to its normal running self can get to be more than a small hick up. Taking the help of legal professionals becomes mandatory in this situation. Here is where Ed Lloyd & Associates PLLC rises to the occasion by extending some of the best tips to control the finances in situations as such.
Filing for Life Insurance Claim
If your spouse had a life insurance to his or her name, it is necessary to let the life insurance company know about the decrease of the policyholder. The next step involves placing the claim for the policy amount. As the person has deceased, you as the spouse are liable to receive the whole amount of the insured policy. Take the help of Ed Lloyd & Associates PLLC for making the insurance claim and receive the sum in the least amount of time.
Contacting the family attorney or other expert attorneys such as from Ed Lloyd CPA can help you get both your finances and properties sorted. If these properties were in the name of the deceased or under joint ownership, the papers deserve a change in the name of the owner.
Lean about the Bank Accounts
Post the death of a spouse it is always necessary to contact the bank. Letting the bank know about the death, calls for some change in the papers and also the ownership of joint accounts and lockers. This is an important step in safeguarding the finances and keeping the future of the family secure, no matter what.
Other than these tips, Ed Lloyd & Associates PLLC also provides other tips that can help you safeguard your finances, in case a spouse passes away.
To know more about Estate planning and the tools required, read - An Introduction to Estate Planning Tools by Ed Lloyd & Associates PLLC
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