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Managing Freelance Tax

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Title:
Managing Freelance Tax

Word Count:
543

Summary:
According to business analysts, the home-based business trend is on the
rise and a lot of people are jumping onto self-employment. The news is
not surprising since there are many advantages in being self-employed and
owning your own business. Aside from the fact that you can actually call
something your own, there is also the sense of achievement brought by
personal success. On the practical side, you get to be your own boss,
which means that you decide your hours and how muc...


Keywords:
managing taxes, self employed tax


Article Body:
According to business analysts, the home-based business trend is on the
rise and a lot of people are jumping onto self-employment. The news is
not surprising since there are many advantages in being self-employed and
owning your own business. Aside from the fact that you can actually call
something your own, there is also the sense of achievement brought by
personal success. On the practical side, you get to be your own boss,
which means that you decide your hours and how much effort you'll put
into a project. Plus, there are certain advantages exclusive to dealing
with self employed tax, sole proprietor tax, business tax, and other
monetary matters.

Managing your taxes is easy, says Jan Zobel, a freelance tax specialist.
Drawing from over 2 decades of tax management experience, she has the
following suggestions on how to manage self employed tax, sole proprietor
tax, business tax, and other independent taxes. She suggests filing
appointment books, daily planners, or calendars with finance materials
like taxes and banking records. Zobel tips that there is money in keeping
time. Your schedule can be used as proofs to verify and clarify business
expenditures like travel mileage, phone bills, and hotel receipts.
Presto, instant tax deductions. She advises to log in your travel time
and miles driven in business trips in your appointment book. Aside from
this, Zobel also warns to take note of financial details. Often, these
are the causes of tax troubles. Record those bank account deposits,
regardless whether they are loans, gifts or business-related. It is also
helpful if you note deposit sources. Keep these notes in a checkbook or a
separate file. This way,

Self employed tax, sole proprietor tax, business tax, and independent
taxes benefit greatly from separating business accounts from personal
accounts. Zobel advises to keep business money in a separate account and
your own money in your own account. Be reminded to write checks for
business purposes from the assigned account and vice versa. For those who
don't want separate accounts, Zobel suggests to note each check with
remarks such as "business" or "personal" each time you write one.
Identifying the purpose of the check won't hurt either such as "for
office furniture". This tip minimizes mix-up of your personal and
business finances. Following this tip, keeping credit cards for personal
and business use separately is also preferred. She also reminds that
interest in credit cards for business purposes is a hundred percent
deductible. Zobel advises keeping credit card and sales receipts. These
are especially handy during audits for reference. Consulting tax
specialists, professional tax managers, and the inter

Lastly, whether you pay self employed tax, sole proprietor tax, business
tax or freelance taxes, keep your records clean and straight. Remember
also to settle your taxes on time. Racing after deadlines can make you
forget key documents which might cause tax problems.

				
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