5 Tax Tips for the Self-Employed

Many tenacious workers were forced to pivot into the entrepreneurial world because of the unexpected events of 2020. If you are one of those unstoppable individuals - you've accomplished much. But, there's more to learn and adapt to regarding taxes.

End of Year Planning

There are specific tax laws that apply to self-employed individuals. They are responsible for paying self-employment tax, paying estimated tax, filing additional tax forms, and can deduct business expenses. While it's not required, having all of these elements lined up at the start of the fiscal year makes it easier to stay on track.

If you're new to being self-employed or need a refresher on how to prepare for tax season, take a look at Nikki Sutcliffe's exceptional article, Entrepreneur's Financial Guide: 5 Tips for the Self-Employed. Or, if you're looking for a professional to handle your tax preparation or financial management, take advantage of our 15-minute complimentary consultation.