Parth Mehta CPA, MST

Running your own business is a lucrative venture. Benefits of having your own include freedom to pick your hours, Being your own boss, and most importantly: a higher earning potential. But with higher earnings may come higher taxes. Listed below are five important methods to reduce your taxes as someone self-employed. Write Off Your Business Expenses First and foremost, your business expenses are deductible. Whether it be office supplies or software, utilities, employees wages and many others. Make sure to write off your business expenses to reduce your net earnings.       A best practice is to have a separate business bank account and business credit card; do not mix your business and personal accounts. If you use an accountant, they can easily writeup your books and prepare a set of financials. Have receipts ready for cash purchases.  Self Employed Health Insurance Deduction As an employee of a company, your health insurance is deducted pre-tax. In the same man...

  Passing the CPA exam is undoubtedly a challenging and rigorous journey, but with the right approach and dedication, it is entirely achievable. As the famous saying by Steven Covey goes, "begin with the end in mind." Envision the day you'll proudly see "CPA" on your business card after successfully passing the exams, and let that be your driving force or having your diploma framed and proudly displayed on your eqo wall for all to see.   It was certainly not an easy journey, but I am proud to have passed several years ago. See below four detailed tips that I stand by to help you pass the CPA exam.   1.       Find the perfect time and place to study Firstly, when it comes to having a time and place to study, be comfortable. Everyone has a preference of what works for them, and why it works for them. Fact is, suggestion of where to study is not one size fits all. In your first week of studying, feel free to explore different places (be...