Being self-employed increases the amount of record-keeping you have to do for tax purposes. However, having your own business will give you some tax breaks that your employed friends can’t get. Managing income taxes as a self-employed person can be overwhelming. Follow the tips below to make tax time less painful and take advantage of some of the tax benefits that come with working for yourself:
- Estimate your business income and determine where you stand taxwise
- Time your income near the end of the year to your advantage
- Mindfully time your expenditures
- Make the most of medical insurance deductions
- Keep the structure of your company simple, especially as a sole proprietorship
- Automate your record-keeping and sync your bank accounts
- Understand the differences between business deductions and itemized deductions
- Set aside some money for your children’s college, as this amount can be deducted from your taxable income
- Increase your self-employed retirement contributions
- Hire professionals at Agro Accounting CPA
If you can’t find the time and energy to manage your tax-related tasks, reach out to Agro Accounting CPA and get best-in-class assistance on income taxes for the self-employed.
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