While many working Americans spend February and March excited at the prospect of receiving a tax refund that can be used to pay off holiday expenses or help fund a vacation, those who tend to owe on April 15 usually feel differently. If you find yourself paying a seemingly higher tax bill year after year, you may wonder whether there's anything you can do—short of reducing your income and marginal tax rate—to put more of this money back into your pocket.
If you are self-employed, you already have plenty of financial issues to be aware of, and when tax season rolls around, your life may seem get even more complex. Hiring a professional can ease the pressure of filing your tax return, but there are still several issues that you should educate yourself about.
Your Reported Earnings May Affect Your Ability to Purchase a Home
If you are self-employed, then you have the potential to take advantage of a slew of deductions that will decrease your annual taxes.