Sole Proprietor, Entrepreneur, Independent Contractor, Freelancer, Commission Income, 1099, Side Hustle, Side Business, Starting a Business.
You found the clients, did the work, and got paid. You like the feeling of doing things your way. But, you still have to pay taxes on the money that you made.
Strategy to Lower Your Taxes
First, you take advantage of all related tax deductions and credits so that your tax bill is low or zero dollars.
Then, just like you manage your business so that you make a profit, you also need to manage your expenses, purchases and payments in a way that helps to lower your taxes.
Are You Doing These Things?
Tracking All of Your Expenses
Contributing to a Retirement Account
Tracking Your Charitable Donations
Factoring In State and Local Taxes
Factoring In Self-Employment Taxes
Are You Purchasing or Leasing Equipment
Tracking Business Loan Interest Payments
Tracking All Labor Costs
Tracking All Supply Costs
Tracking Marketing and Internet Costs
Tracking Medical Costs
Want to know more?