As a freelancer or gig worker, you have the freedom to work on your own terms and be your own boss. However, with this freedom comes the responsibility of managing your business taxes. This can be daunting, especially if you are new to self-employment.
Understanding the Tax Obligations of Freelancers and Gig Workers
As a self-employed individual, you are responsible for paying self-employment taxes and estimated tax payments. Unlike W-2 employees who have taxes withheld by their employers, you must calculate and pay your taxes.
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Tax season is fast approaching, and that means it's time to get your finances in order — which includes making sure your accountant has the information they need to do their job. Having the right documents on hand can make the process much smoother for both you and your accountant.
So what exactly should you be gathering? Here's a look at some of the information your accountant needs access to.
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If you need bookkeeping services for your company, don't hire an onsite service. Look online instead. Online services are a great way to get the bookkeeping you need for your business. You might think that online bookkeeping services are only for small businesses. But, that's not the case. Online bookkeeping services offer benefits for companies of all sizes. If you think you need an onsite bookkeeping service, read the list provided below.
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In order to measure the success of your business, you must have accurate and up-to-date records. One way to ensure this is by investing in bookkeeping. Contrary to misconception, this is not solely about organizing your business. Instead, it incorporates multiple facets that are crucial to running a company. In business, analyzing financial records is very important, and with expert bookkeeping, it is easy to review and verify your financial data at any time.
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When a small business begins to soar, things can get out of hand before the owner realizes how unorganized everything is. If the financial aspects of a business are not kept organized, it can land a business owner in trouble later on. Unorganized finances make it riskier to file inaccurate business taxes, which is considered a red flag for tax fraud. Rather than taking the risk of the Internal Revenue Service (IRS) accusing you of committing tax fraud, hire a bookkeeper to assist with running your business.
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