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David P. McCabe,
WMCP®, ChFC®, CLU®
Financial Planner
Nathaniel D. High,
CFP®, RICP®
Financial Planner
nathaniel@centuriafinancial.com
Nicholas J. Over, CFP®
Financial Planner
nicholas@centuriafinancial.com
Sara E. Martin
Operations Manager
Molly R. Kelsh
Client Service Specialist
Centuria Financial Group
2333 Baltimore Blvd Suite B
Finksburg, MD 21048
Phone: 443-952-7232
September/October 2026
Tax Strategies For Self-Employed Business Owners
Just as larger corporations do, self-employed business owners, freelancers, and gig workers need to engage in strategic tax planning to minimize liability and maximize savings.
Be Diligent
about Keeping Records Familiarize yourself with all available deductions, including home office expenses, vehicle mileage, and equipment costs. Maintain thorough records of your expenses throughout the year to substantiate your deductions when filing taxes.Review Your Business Structure
Your business—whether you're a sole proprietor, an LLC, or an S corporation—can significantly affect your tax liability. Each structure has unique tax implications. Talk with your tax professional before the new year to ensure you're taking advantage of the most beneficial structure. For sole proprietors, for instance, forming an LLC may provide better liability protection and potentially lower self-employment taxes.Contribute to a Retirement Plan
Contributing to small-business retirement plans, such as Solo 401(k)s, SEP IRAs, or personal IRAs, helps you invest for the future and may offer immediate tax advantages.Pay Estimated Taxes
If you don't have tax withheld from your income, you'll need to make estimated tax payments to avoid penalties. Monitor your income and expenses throughout the year to determine how much to set aside for quarterly payments.Stay on Top of Changes
Planning to buy tangible business assets— equipment, vehicles, software, or improvements to nonresidential real estate? Recent enhancements to bonus depreciation and Section 179 expensing allow you to write off costs in the first year to minimize taxes. Because expensing limits adjust annually for inflation, strategize whether to buy in 2026 or 2027.If you receive or issue IRS Forms 1099-NEC or 1099-MISC for payments to nonemployees, the reporting threshold rises from $600 to $2,000 in 2026. This amount will adjust for inflation in future years. Reporters will have less work, while form recipients should plan to track and report small fees received.
Connect with your trusted advisor now to create a focused, forward-looking tax strategy that positions you for savings in 2027 and beyond. Act today to ensure you're prepared for upcoming changes and to maximize every opportunity.
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David P. McCabe, Nathaniel D. High, and Nicholas J. Over are Financial Planners with, and offer securities and investment advisory service through LPL Enterprise (LPLE), a Registered Investment Advisor, Member FINRA/SIPC, and an affiliate of LPL Financial.
LPLE and LPL Financial are not affiliated with Centuria Financial Group.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
Centuria Financial Group and LTM Marketing Solutions, LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Marketing Solutions, LLC, an unrelated third party. Articles are not written or produced by the named representative.
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