Self-Employed? Essential Tax Tips to Keep Your Finances in Check


For freelancers and self-employed individuals, managing taxes can be daunting but manageable with the right strategies. First, stay on top of your estimated quarterly tax payments to avoid penalties. Deducting business expenses is also critical: from home office costs to travel and supplies, make sure you track every allowable expense. Additionally, consider setting up a retirement plan like a SEP IRA, where contributions can significantly lower your taxable income. Staying organized with your documentation can streamline your tax preparation and ensure you don’t miss out on eligible deductions.

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