SELF EMPLOYMENT TAX TIPS
Tax time for self-employed individuals can be very cumbersome. Don’t worry that’s why I’m here to help! I am going to explain business expenses, business use of your home, business mileage, and much more. Learn how to be prepared each and every tax season. Below are the top 5 things that are most important when filing your self-employed tax return.
- Know your entity (sole proprietorship, LLC, partnership, S-corporation, C-corporation)
- Total all expenses into categories (travel, meals, office supplies, advertising, etc.)
- Total all income for the year (some may receive a 1099-misc, but not all it is your job to know how much you have made for the year)
- Keep all tax documents together and in a safe place (insurance documents, school statements, mortgage interest, charitable contributions, etc.)
- If you do not already have a tax preparer do your research, and interview potential tax prepares. Find someone is available all year long, and someone with an Accounting or Taxation background is a plus.
Gabrielle M. Daniel
SOS 1040 PLUS, LLC