Entrepreneurs can enjoy the flexibility of being able to work when they want, where they want and how they want. However, these perks can make it harder to separate your business and personal activities. Working from home, using your personal vehicle for business and entertaining clients are just a few of the many areas where a sole proprietor may have a higher propensity for error.
Generally, any expense not directly related to your business should be marked as personal in Hurdlr so it is not factored into your self-employment tax estimates. But since separating your business and personal activities may never be completely black and white, we have some helpful tips to help you navigate the gray. Feel free to check out our deductions platform for additional information.
Disclaimer: The information contained here is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.