Being self-employed is hard work, and our Lincoln accounting professionals at Bryant & Associates, P.C. want you to know that there are steps you can take as a self-employed worker to make your tax accounting processes easier. This requires some legwork and preparation, of course, but with the right knowledge and an accounting partner like Bryant & Associates who knows the ins and outs of accounting for self-employed workers, you can navigate the intricacies of your accounting and come up with solid strategies for filing your small business taxes accurately.
In this article, our team of professional small business tax accountants will outline some Lincoln tax tips that can help self-employed workers overcome some of the tax filing challenges they may face.
Lincoln Tax Tip 1: Take Advantage of All Available Deductions
Simply taking the time to identify and document all the deductions you may qualify for will help save you money when tax time comes around. What expenses will qualify as business write-offs on your taxes? In general, there are quite a few things that could qualify, including transportation costs (if you travel for work), home office supplies, and more. Our Lincoln accounting experts believe a good rule of thumb to go by is this: if the expenditure is completely business-related, there’s a good chance that it’s deductible. If you have questions about the various business-related deductions that are available to you, contact our accounting professionals at Bryant & Associates today.
Lincoln Tax Tip 2: Seek Out Professional Small Business Tax Guidance
Just as small business owners can benefit from professional advice from a leading local tax accounting firm, so can self-employed contract workers! If you talk to Bryant & Associates today, we can help you keep your finances in order, organize important documents, and figure out exactly what deductions to claim on your taxes. We provide all of these services to give you peace of mind, because we know that understanding taxes is difficult and you don’t have the time to become an expert in the field yourself. Instead of going it alone and potentially making a costly mistake, it’s better to trust a professional who will guide you through complicated tax processes.
Lincoln Tax Tip 3: Protect Yourself from Tax Liability
The best thing you can do to protect yourself from tax liability is to understand what deductions are appropriate for you to take as a self-employed contractor. Many self-employed workers end up claiming inappropriate deductions, not because they mean to but because there are definite grey areas. If you have any doubt at all as to whether an item is eligible to be written off as a business expense on your taxes, the best thing to do is talk to a local tax professional.
Contact Bryant & Associates Today at (402) 423-0404!
Self-employed contractors are a lot like small business owners—it takes a lot of hard work and dedication to stay on top of your taxes in either case, and rather than striking out alone into that wilderness, it’s better to have a guide like Bryant & Associates by your side. Give us a call today at (402) 423-0404 to find out what our years of experience and knowledge can do for you!