Limited Liability Company (LLC)

Small Business, Self-Employed, Independent Contractor, Free Lancer, etc.

You are making money your way. Whether it’s just you, or you have a few employees, you have income from providing a service, product or both. You should report all income to the IRS.

Starting 2024, IRS will start requiring all payment apps and online marketplaces to submit 1099-K to anyone receiving over $5,000. IRS is expected to lower this amount in future years. What this means for you is that the IRS knows about the money that you are receiving.

Strategy to Lower Your Taxes

First, keep track of all expenses. Your business related expenses will lower your net income. Which means you will pay less taxes on the money you make..

Are You Doing These Things?

Tracking Vehicle Expenses -mileage, gas, repairs, etc.

Do You Have a Home Office -it must be a dedicated area; exclusively used for your business

Keeping Tracking of Merchant and Bank Fees

Did You Purchase a Computer, Phone or Other Equipment

Tracking Online Marketing Expenses

Did You Pay Sales Commissions

Did You Pay Someone to Create Videos

Are You Paying for a Virtual Assistant

Tracking All Supplies Purchased

Tracking Business Meals

Tracking Business Insurance

Want to know more?