Upgrading Your Business

Posted by KC Morgan Sep 28, 2006

A new laptop. Office furniture. A cell phone with all the gadgets. A digital camera. Sometimes, you get to the point in your self employment when it's time for an upgrade. Things are going well, you've started to turn a profit, but you're sure you just can't go further without some new self employment tools.

But can you justify the big purchase that you want to make? Because I can always learn how to justify spending any amount of money, I can help you with this aspect of self employment as well. For starters, anything specific you buy for your business (the business of being self employed) can become a tax write-off. The new laptop, the furniture, even some of your electric bill can all be written off as business expenses, because you're self employed and an independent contractor.

Isn't self employment grand? But it's not as easy as it sounds! First, you have to have the money to buy the new tools you crave. Then, you have to be able to afford that purchase until next Spring. Listen, you can't get a tax break until you've turned in your taxes. So be frugal, but don't be afraid to buy yourself things that you think you need. If you know it will help your business and you can afford it, make the upgrade. You'll get a tax break, eventually, and in the meantime you can improve your business.

Consider it another perk of being self employed.