Here is a useful list of items that you can deduct as a small business owner.
Tax Checklist for Sole Proprietorships/Schedule-C Filers
In addition, take a look at these expenses as well.
1. Travel or Commuting Expenses.
2. Parking Expenses.
3. Cell phone charges.
4. Monthly bank charges.
5. Computer used at home could be deductible provided your client uses it for business purposes.
6. Any education expense.
7. Internet access for business purposes.
8. Any office supplies or stationary used for business.
9. Advise your client to establish a pension plan, it may be able to shelter up to 25% of your clients net income from being subject to tax.
Your client would first have to determine how much his profit is going to be in 2009. Thereafter, you use the IRS tax table to estimate his projected tax liability, which would include both the regular tax and the S/E tax (self-employment taxes). This liability is payable over 4 equal installments and paid using an IRS Tax Vouchers 1040-ES, that are payable as according to the following schedule as follows:
4/15/09
6/15/09
9/15/09
1/15/10
