From the course: Consulting Professional Weekly Tips

Unlock this course with a free trial

Join today to access over 22,600 courses taught by industry experts.

Roll back to different relationships

Roll back to different relationships

From the course: Consulting Professional Weekly Tips

Start my 1-month free trial Buy for my team

Roll back to different relationships

“

- When you're self employed and running a consulting firm, all your expenses related to running the business can be tax deductible. But, you can only deduct them if you track them. Mileage to client meetings, meals when you travel, phone and utility bills, equipment and home office expenses can add up to big dollars. Mileage is the most overlooked. The per mile rate can be over 50 cents a mile. At 4,000 miles a year, that's $2,000 worth of expense. If your marginal tax rate is 30%, that's a $600 a year savings. That's real money! Get advice from your accountant as to what you can or cannot deduct. Build a good record keeping system. If you don't record these expenses, you could be paying a lot more in taxes than you should. There are plenty of apps available for expense and mileage tracking. You can also track these expenses in your personal financial software and make sure that you keep the hard copy receipts. Your clients definitely need receipts if you're getting your expenses…

Contents