Being self-employed has a variety of benefits that every working person today dreams of. However, taxes aren’t something you can get out of! If you’re recently self-employed whether it’s freelancing work or starting your own business from home, there’s a lot to know about how to file your taxes this year. Thankfully, our accountants at JLW Tax & Bookkeeping Services in Springfield, IL are here to offer an expert hand in the filing process. Keep reading to learn more about how to file taxes this year as a self-employed individual!
Determine if You Need to Pay Taxes
You may be thinking, “what? I thought everyone needed to pay taxes.” And while you’re right, there is almost more to it as a self-employed person. This is mainly for individuals who are just starting their small business or self-employed adventure and have not had the chance to develop massive results. If you have made less than $400 from your self-employed work, then you most likely will not owe anything to the IRS. Get in touch with our accountants at JLW Tax & Bookkeeping Services in Springfield, IL to learn more about your self-employed tax return and if you qualify.
Collect Your Paperwork
Being self-employed means that you need to have an abundance of paperwork on hand to verify your purchases, sales, and losses. Whether your income is based on single or multiple sources of income or you’re trying to use purchases from the last year as deductibles towards your refund, JLW Tax & Bookkeeping Services in Springfield, IL is here to help you file this year’s taxes. Our accountants will inform you ahead of time of what information and paperwork we will need to complete your tax return to make the filing process as simple as possible.
Get in Touch with a Professional
JLW Tax & Bookkeeping Services is Springfield, IL’s top accounting office in the area. With years of experience offering tax filing services to individuals, couples, and businesses in central, IL, you can trust that we will help you file your taxes as a self-employed individual as simply as possible. The deadline for filing your taxes takes place in April, so make sure to schedule your consultation and filing service as quickly as possible. If you exceed the deadline date and have not filed your taxes, you may be penalized by the IRS.
Plan for Next Year’s Taxes
As a business owner, there is very little time for procrastination. When it comes to your taxes, we recommend being as prepared as possible for the current year and even the following year to keep everything for your accountant. Organizing your documents for the following year ahead of time allows us to find any issues right off the bat when filing your taxes, leaving enough time to have them corrected or more paperwork found to keep the process as smooth as possible. For help with your future taxes, schedule a consultation with our JLW Tax & Bookkeeping Services accountants in Springfield, IL at 217.679.1872.