Stepping into the world of self-employment offers an enticing blend of autonomy and potential for growth. However, it also comes with its own set of financial responsibilities, particularly when it comes to your taxes.
Understanding the nuances of how self-employed individuals are taxed and which expenses can be deducted is crucial to ensuring optimal financial health and compliance. By staying informed and organized, and potentially seeking guidance from financial professionals, self-employed individuals can navigate their tax obligations effectively, ensuring they make the most of their hard-earned income.
Here are just a few of the things you should know for your taxes if you’re self-employed:
- Know what income is taxable
- Know when your filing dates are
- Make sure you’re saving for tax payments
- Know what expenses are tax deductible
- Keep financial records
Let’s further explore how you can be prepared for self-employment taxes in the infographic below:
