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Self-Employment Tax Deductions<
> Starting a New Career

Starting a new career can be a daunting venture, especially when you have acquired a lifetime’s worth of financial responsibilities and obligations. Nothing, however, is impossible, no matter how strapped for time and money you are currently. All it takes is a well thought out plan and diligence and you can soon be starting a new career.

First, think very seriously about what you want to do. Why have you chosen this new career? Is it completely different from what you are doing now? Are there aspects of your current job that apply to your new career as far as contacts, experience, or education? Does this new career require learning a whole new skill set and industry or is it a matter of upgrading your education to the next level? Make a list of all the assets you already possess that you can bring to a new career. Include personal skills and qualifications as well as natural instincts and inclinations. Some things can’t be taught and if you have a natural predilection for the skills needed for your new career, this may take you further than you think.

Next, determine the steps you will need to take in order to arrive at a position in your new career. To help you do this, talk to people currently working the job you have chosen. How did they get where they are? Would they have done anything differently? Do they have any recommendations? Do you need a degree? Online classes and schools are all over the internet and will allow you to study while keeping your job. Do you need an apprenticeship to establish yourself? Try and find one that pays you. Even a small stipend can help you offset financial costs at home.

With planning and patience, you can start a new career without putting your current home situation at risk. Take one step at a time and allow yourself as long as it takes to complete it before going on to the next one. Your new career isn’t going to disappear while you spend time properly preparing for it.
Career Planning and Me

Career planning is exactly what it sounds like: planning a career that makes the most of your interests and goals, suits your temperament, and maximizes your education. Traditionally done once at the beginning of adulthood, today this is a process that has become a lifelong endeavor as those in the workforce must keep up with the constant changes of the economy and the demands of our society.

It begins with assessing your current situation, not just financially or at work, but your personal state of mind as well. Do you enjoy organizing things or working within a certain time period and leaving it there when you go home? Are you better at leading people or working alone? Do you prefer to be outside or inside? Do you have political, religious, or moral beliefs that compel you to get involved in a certain field? Anything, absolutely anything that truly inspires you can be made into a career. But first you have to identify what it is that inspires you and why.

Next, take a look around. Is there a name for the job that you want to do or are you a pioneer in the field? Is there a company who is hiring or do you need to create your own? Research what is available, what is lacking, and what is related to what you want to do. Now take your research a step further. Try out an internship or a volunteer position, read books about those who have succeeded in your field, ask to shadow someone who does the job you’re aspiring for. Find out what others had to do to get to where you want to be: other jobs, experience, education. And then decide if it’s something that still interests you.

It’s best to follow these steps for more than one possible career choice, but not more than a few. Unless all of them bombs, you may very well find something that you’d like to try. Enroll in courses if need be or get your resume, interview outfit, and list of companies ready and start applying for entry level positions. Or both. And remember, nothing is ever set in stone. If this doesn’t work out after a few months or you decide you no longer like the career you’ve chosen a year later or 20 years later you can always go back to the drawing board and start again.

Being your own boss can be a richly rewarding experience, but many people put it off because they fear facing a complex tax system. In reality, the tax process for self-employed individuals can be fairly simple, and offers its own set of rewards.

Self-employment tax deductions are a blessing for those who run their own business, or are planning to set up a new enterprise. These individuals can claim tax benefits that were not available when they were working as employees. Self-employed professionals can use their Social Security numbers as business tax identification numbers, and file taxes under Schedule C or Schedule C-EZ. It is important to understand the two schedules, because each provides a different set of benefits.

Schedule C-EZ is intended for use by those with relatively small business expenses, who finish the year with a profit, have no employees, do not report depreciation and have no need to claim a home-office deduction.

Schedule C is for more elaborate business enterprises. In addition to gross income, you will be asked to provide detailed information about your business expenses. Unlike Schedule C-EZ, with Schedule C it is possible to report a loss and realize a tax saving.

If you are self-employed, the following tax deductions are available to you:

Home Office

If you use part of your home merely for bookkeeping and file storage, you may still claim a home office deduction. This is possible even if you spend a good deal of time conducting business outside of your home office.

Equipment Expenditure

Section 179 is a benefit that allows you to deduct the entire cost of equipment purchased for your business in the same year. This deduction includes costs incurred on purchasing a computer, office equipment, filing cabinet or any other item relevant to your business requirements. There is a limit to this claim, and the allowable amount changes frequently. Check with IRS Publication 946 for the amount you are able to claim.

Travel and Entertainment

Business-related travel, mileage and a percentage of meal and entertainment expenses are also deductible. Be sure to keep all receipts and be prepared to explain the purpose of the expenditures in order to make these deductions.

Health Insurance and Social Security Taxes

Deductions are available for health insurance premiums paid for yourself and your family members. A part of the payment you make as social security tax can also be retrieved from your total income. This deduction is available on Form 1040.

Self-managed Retirement Benefits

Consider opening a Keogh or a Simplified Employee Pension plan to realize greater tax savings. When you file your Form 1040, the contributions that you make to either of these plans from your earnings can be subtracted from your adjusted gross income.

If worries about the tax system keep you from realizing your self-employment dream, stop worrying. The process can be a simple one, and the tax breaks available to you can help your dream become reality.

About the Author:

Donald Brown contributes to several web sites, on education and business topics.

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