Self-employed Writeoffs

Physician's Money Digest, April15 2005, Volume 12, Issue 7

Self-Employed Tax Solutions

If you're a self-employed doctor, particularlyone who works from home atleast part of the time, make sure you'regiving your expenses proper credit.According to tax and financial consultantJune Walker, many self-employed professionalscheat themselves out of legitimatetax deductions by considering an expensepersonal when it's really business-oriented.Giving your sister a gift for watchingthe kids so that you can attend a convention?Going out for dinner with yourspouse, who doubles as your office manager?Just because they're family doesn'tmean these activities can't qualify as businessactivities that deserve a tax writeoff.You can't write off everything, but youcan if there is a business purpose. Worriedabout auditing? You shouldn't be, Walkerinsists, as long as you have good record keeping.She points out that the biggestmistake the self-employed make is losingsight of tracking income. For more information,locate a copy of Walker's book($17.95;Globe Pequot; 2005).