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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A great way of having your business and company running smoothly is by appointing the best measures to have your taxes sorted. Having your taxes paid at the right time can prove to be highly beneficial for the business and also keep you stress-free. There are a number of things that you need to consider when paying taxes. These factors may eventually increase or decrease the amount of taxes you are paying. These uncertainties may not always prove beneficial for the company and it is due to this reason that you need to opt for the different tax services provided by Ed Lloyd & Associates PLLC.
Direct Tax Services
There are a number of problems that may surface with the calculation and also the paying of direct taxes. With the help of the expert and experienced services put forward by the associates of Ed Lloyd CPA, one can get over, all these problems with much ease. Some of these services include- helping you stay knowledgeable of all the latest federal tax regulations, tax compliance services, corporate tax advisory services, and a lot more. Meeting with all these requirements of a company makes Ed Lloyd & Associates PLLC one of the best tax service providers in the market.
Indirect Tax Services
The indirect taxes are a prominent part of the working of any company. The numerous indirect tax professionals working with Edward Lloyd, provide superior assistance and comprehensive advice in the matter of different indirect services. Some of these indirect taxes include- Excise, Property tax etc.
Tax Controversy and Resolution of Dispute Services
As mentioned earlier, there may be a number of disputes, difficulties and controversies that may crop up with the calculation and the payment of taxes. It is the job of the experts like Ed Lloyd CPA to come up with solutions to this trouble. Some of the ways appointed by them to solve these issues include- revision of the book of accounts, going through the statements, revising the tax payments to be made, etc.
To know more about business services to take advantage of, read -The different Business Services of Ed Lloyd & Associates PLLC
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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
HOW TO REDUCE YOUR TAX LIABILITY? | ED LLOYD CPA
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