Top 10 Tax Tips for the Self-Employed

  1. Open a separate bank account for your business
  2. Save and Organize your receipts by Category for easier record keeping
  3. Keep track of all of your business income, at least on a monthly basis
  4. Make Quarterly Estimated tax payments.
  5. Create and maintain a spending plan or budget and try to stay on target as much as possible. Change budget as circumstances change.
  6. Always track mileage
  7. Track your time spent on different client types
  8. Keep a calendar or other type’s appointment setters to keep record of your routine. This will make it easier to prove business deductibility like business lunches.
  9. Save all your tax documents for at least 7 years
  10. Limit spending for business on your personal bank accounts, if needed, transfer money to business account then make the business purchases. This will make it clearer for you to recognize what is business and what is personal.

For a list of Business Categories or tips on how to maintain business records, click the contact us link at the top of the page.

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