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When you decide to go into business for yourself, you’re going to need all the help that you can get. As someone who is self employed you get to wear all the hats and will be responsible for running the business, marketing the business and handling any task that arises. There is, however, that you cannot fully look after and that is your business’s taxes. Unless you’re a certified accountant, tax matters for your business should be left to the professionals. If you want to help your tax guy do the best job for you, here are some self employed tax tips that can help make tax time smoother.
Another great piece of advice is to review the IRS website periodically for any changes that may affect you or your business. You don’t need to wait on your accountant for updates. Also be sure to review the online sites for new self employed tax tips. By being proactive with tax matters you will ensure that accountant has all the information he needs to help you with your filing. This is also a good way to know if you have the best accountant. If you discover a new law or rule that he or she is not aware of, you might want to look around for a new tax person.
To also make tax time simpler, be sure to keep your records in impeccable condition. Keeping an accurate account of your transactions and deductions can only benefit you when filing your taxes. If you are computer savvy, put together an Excel spreadsheet that you can fill in regularly. You could also look into a good accounting program such as QuickBooks or Quicken, which can help you keep a track of your expenses and offers various reports. Another good rule of thumb would be to create a separate tax account and put away the estimated tax amounts that you will owe for the year. If this a high interest-earning account, even better.
The above self employed tax tips can help make your life easier when getting your taxes done for your business. There is going to be a lot of information you have to keep a track of, so the key is to be patient. Although there are tips that will help you out specifically at tax time, many of the items mentioned will have to be worked on year round. You don’t need to do a lot. You just need to be consistent. Just by taking any of the steps above, you will be one step closer to having a hassle-free tax experience.
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