Being Self-Employed and Not Losing Your Shirt at Tax Time

Tax season is just around the corner, but if you’re self-employed, your season started long ago at the start of the previous year. Finding write offs for self employed individuals begins as soon as the new year starts. As a self-employed individual, your first step should be to review any new tax laws or changes which take effect in the new year as well as review any previous write-offs you’ve used. Once you’ve identified the kinds of deductions applicable to your particularly self-employment, you’ll want to develop some kind of record-keeping strategies, whether it’s something as simple as receipts in an envelope or a tidy electronic spreadsheet. Keeping accurate documentation throughout the year can have big payoffs when tax time rolls around. Instead of scrambling for write-offs, you’ll know exactly what you can deduct and what’s questionable. Of course, it’s always useful to consult an expert, but even so, you’ll get the best advice if you’ve been pro-active in your research and record keeping.