Friday, November 17, 2017

Tax Tips for the Self Employed

There are a great many advantages to being self-employed. Whether you’re a freelance writer or an artist, you get to set your own hours and work in a way that is convenient for you. With that said, however, your taxes can be a bit trickier than they are for the average person who is not self-employed.   

However, even though your taxes can sometimes be tough to figure out, there are certainly some benefits. To start with, you are eligible for a great many deductions that can help to cut down on your taxes. Of course, you have to know about these deductions first, which is where having a qualified accountant on your side really comes in handy.

A good accountant can either handle all of your taxes for you or simply give you the tools and education you need to do them yourself, providing you with advice and guidance along the way. In either scenario, you will find that your accountant is a huge help. Here are just a few of the things that a skilled accountant can help you with:

l  Completing a Schedule C for business taxes
l  Completing a Schedule C-EZ for business taxes (if you qualify)
l  Calculating self-employment taxes
l  Deducting expenses for your home office, if applicable
l  Deducting business expenses
l  Helping you to find and learn to use tax software
l  Providing general tax advice and answering questions as they arise

As you can see, an accountant can be a huge asset, so, if you are planning to be self-employed in the coming months or years, make sure you have an accountant you can trust and rely on. It will make a world of difference.