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Richia Allen
Financial Advisor
WCCU Wealth Managemet
Located at Westerly Community Credit Union
122 Granite Street, Westerly, RI 02891
Phone: 401-637-4487
Email: richia.allen@lpl.com
As sole proprietor of your small business, you’re responsible for everything from filing taxes to setting up your retirement plan. Your financial and tax professionals can help you take advantage of retirement plan and business deductions to help reduce your income tax bill.
Health Insurance. You generally can take an above-the-line deduction for the cost of health insurance for yourself, your spouse and your dependents. The deduction is limited by the amount of your taxable income, so it isn’t available if your business has a loss.
Business Expenses. Deductible expenses include utilities, subscription services, travel and capital assets., You may be able to take the home office deduction for a portion of rent and utilities if an area of your home is dedicated exclusively to your business.
Self-employment Tax. Sole proprietors must pay both the employee and employer portion of self-employment tax (Social Security and Medicare.) You are allowed to deduct half the tax on your return.
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Richia Allen is a financial advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Westerly Community Credit Union and WCCU Wealth Management are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using WCCU Wealth Management, and may also be employees of Westerly Community Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Westerly Community Credit Union or WCCU Wealth Management. Securities and insurance offered through LPL or its affiliates are:
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