Normally if you purchase capital equipment for your business you don’t get to expense the total cost of the equipment the year you buy it.
So what can you deduct if you are self-employed? A lot!
Paying taxes is a privilege; I know you don’t think so but it’s the price we pay for living in this country.
College is very expensive. Congress and the IRS have given us ways to offset education costs.
WBZ’s Dee Lee tells you what you can and can’t deduct on your income taxes.
I don’t know what Congress is planning to do regarding tax changes.
There are some good tax breaks available for self-employed individuals.
So what can you deduct if you are self-employed?
This year, thanks to some last minute changes by Congress, you could be saving a bundle.
Close to 48 million taxpayers take the time to fill out all those formidable long 1040s and use their deductions, over $1 trillion in deductions.