Are you a freelance employee or self-employed? If so, you may be worried that you are going to owe a lot of taxes this year. However, the team at SmarTax, LLC is here to make sure you have all the information you need to save you the most money. Check out our tax preparation tips today! When it comes to tax preparation near me and accountants near me, we are one of the best choices!
Tips To Save You Money!
- Estimate your business income
- It’s absolutely essential that you find out where you stand taxwise – before you start taking other tax planning steps.
- Time your income
- You can’t postpone income simply by not cashing checks that come to you, or by telling customers not to pay you until after the end of the year.
- Time your expenditures
- If you buy business assets by December 31, you can start depreciating them this tax year. You may even be able to take a Section 179 deduction and expense the entire cost of the asset in one year.
- Make the most of medical insurance deductions
- You can deduct health insurance premiums for yourself, your spouse, and your dependents as an adjustment to income.
- Keep the form of your company simple
- Unless you need to form a partnership or a corporation for some reason, stick with a Schedule C, Sole Proprietorship. It’s the simplest way to file, and there’s nothing you have to disband if you move on to something else.
- Automate your record-keeping
- Use personal finance software that’s synchronized to your bank accounts.
- Understand itemized deductions vs. business directions
- By taking a business deduction instead of an itemized deduction, you reduce your adjusted gross income and your self-employment tax.
- Pay your kids
- You can deduct the amounts you pay your kids to work in your business, and the kids generally pay less tax than you would.
- Take a home office deduction
- If you have a qualified home office, you can deduct some of your otherwise nondeductible expenses, such as a portion of your home insurance, utilities, and rent.
- Avoid the hobby trap
- If the IRS deems your business to be a hobby, you’ll have to report any income, but you’ll only be able to deduct expenses up to the amount of your income.
Tax Preparation Near Me Is Here To Help!
Not only can SmarTax help with your personal and business tax preparation, but we provide superior bookkeeping services, which can help you stay on top of your finances throughout the year rather than leaving everything to the last minute. We offer full-service bookkeeping at an affordable price, making it accessible to everyone who could use extra help. Our services are great from small and medium-sized companies as well as anyone who is self-employed. Especially if the organization doesn’t need a full-time bookkeeper, but could use an extra set of eyes when balancing and organizing their books. With this service, it is our goal to help business owners to concentrate on running their business and leave their taxes and compliance tasks to us. We want to make sure our clients are successful, which means taking over some of the tax responsibilities that can be hard to handle and understand. We want to manage your finances so you can manage your business and personal life.
Call Our Accountants Near Me
When it comes to “tax preparation near me,” we are the experts to trust. It is very important to know these important factors when it comes to taxes. It is all part of tax preparation. We are here to help, especially when it comes to an understanding of small business accounting. SmartTax, LLC in Pembroke Pines want to ensure you are ready and informed when it comes to your bookkeeping services. Call or visit our experts today for more information. We take pride in offering the “best tax accountant near me”!