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#MONEYMONDAYS Weekly Topic – Self-Employment

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.

  1. Know your entity (sole proprietorship, LLC, partnership, S-corporation, C-corporation)
  2. Total all expenses into categories (travel, meals, office supplies, advertising, etc.)
  3. 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)
  4. Keep all tax documents together and in a safe place (insurance documents, school statements, mortgage interest, charitable contributions, etc.)
  5. 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.

Click this link to watch a video for the 2017 Business Tax Highlights

 

 

 

Gabrielle M. Daniel
SOS 1040 PLUS, LLC
Vice President
Phone: 330-836-2100
Fax: 330-319-8888
Email: info@sos1040.com
www.sos1040.com

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