BUSINESS & TAXES
Start a WFH Business to Save on Income Taxes Next Year
Yesterday, I wrote about Proven Methods to Make Money from Home in Bangor, Maine on News Break. Today, I want to tell you how to save money on taxes by doing that, whether full-time or as a part-time “side hustle.”
Whether you have a goal of making an extra $500 a month to help with the mortgage, $4,000 per month to pay college tuition for two kids, or just growing enough organic vegetables in your home garden to save money at the supermarket, you need to read this article today.
This is crucial tax filing information for work-from-home (WFH) employees such as writers and others are discovering. They cannot deduct their home office expenses on their taxes if employed by someone who can write off their empty office space.
WFH and gig economy are two terms that sprung up last year to describe the new condition for many employees who do at home what formerly did in the office or factory. According to Merriam-Webster, “The gig economy gets its name from each piece of work being akin to an individual ‘gig’ or project.”
