Legal & Tax

  • Legal
    • For a fraction of the cost, Lawtrades connects you with a top-notch lawyer to help file a trademark, prepare your first contract, or – you guessed it – get incorporated in Delaware.
    • Copyright: just because you own the domain does not mean you have the copyright. Do a trademark search for any name you use.
  • Taxes
    • If you are self-employed and pay health insurance premiums, you may be able to deduct up to 100% of the cost of these premiums. You will need to enter your health insurance premiums under Business Income and Expenses in Wages and Income. The adjustment is only allowed up to the amount of your self-employed income minus the deduction for self-employment tax. Any remaining self-employment health insurance premiums not allowed as an adjustment will automatically be transferred to Schedule A and will be subject to limitations.
    • Not on your business account but valid: Cell phone, Internet, rent, mileage.
    • Depreciation on real estate is the best expense tax write off (it is non-cash).
    • Donate your old items and clothes to charity and wrote the estimate of its value, which becomes a tax deduction.
    • Quarterly payments are due at minimum of what your total taxes were due last year (split 4 ways). On line 63 of tax return
    • You can write a receipt for charity items you donate and take it off your taxable income.
    • Deductible expenses for bloggers
      •The good news about running a business as a blogger is that you are allowed to deduct expenses that are considered reasonable and necessary to your profession. If you pay for advertising, supplies, office furniture, electronics, insurance or other goods and services that directly relate to your business, you can take those expenses off the income you earn as a blogger. If your office is in your home, you may be able to deduct some of your household expenses as well, including rent and utilities

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