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As the end of the year is quickly approaching, everyone is getting ready for New Year’s. While some will be more focused on celebrations, others will be concentrating on the end of the year business things. For business owners, freelancers, and the self-employed, the end of the year rush is something that is somewhat maddening.
First, you will need to know what your expenses were throughout the year, and how much you made, and, very importantly, the things you can write off to reduce the taxable income. Business owners and [U][B][URL=https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center]self-employed individuals[/URL][/B][/U] typically find that tax time is not their friend. If anything, this time of year is something they would like to avoid.
In situations where you may not have paid enough in at the quarterly, to losing a receipt for a sizable purchase, everything can play a significant role in how much you will end up owing Uncle Sam, or how much you could get back. If you are in this boat, you are probably looking for the best ways to reduce your taxable income and ensure you don’t have to pay in, or if you do, it isn’t as near as much as you thought.
The first question to ask is whether or not you are going to itemize. Itemizing is a huge ordeal, but one most business benefit from. Smaller self-employed people, like freelancers, find that the standard, in most cases, is sufficient. But with itemizing, you can take donations made to [U][B][URL=https://pickupplease.org/donate-in-vannuys]non profit organizations[/URL][/B][/U], as well as many other exemptions that aren’t allowed or available on the standard.
Did you remember to keep your receipts throughout the year? If so, you should be in good shape. If you are somewhat forgetful or not organized, this could be a problem. Luckily there are tons of accounting software out there that you should start to use to make next year easier. Quicken is a popular option for small business owners, as it is simple to use and can be transferred easily to an accountant and accessed anywhere you have a computer.
Lastly, to make the most out of tax time, consider every purchase made to grow your business. This could be clothing, trips, remember to include a home office if you have one, and many more items. If you are ever in doubt about what you can and can’t do, seek the help of a CPA. This will be extremely beneficial at tax time, as well as throughout the year.
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