Some tax questions for the self employed..
This is my first entire year as a free agent, and I'm aware of deductions I need to make -- such as computers I've purchased, home office space, etc. If I feel like I may have a tax liability, can I just spend that money on more business related equipment or software, instead of giving it to the government?
Please excuse me if this sounds dumb, but I've never been in this situation until now -- and it's the end of the year. If I splurge on another computer system for my network(before dec 31), that means the IRS won't get that income, correct?
Thanks in advance for any help...
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