As we discussed in the previous blog, if you are self- employed then you need to track your self-employed expenses. Of course, you could take the assistance of tax preparation services in San Antonio but before any of that, you need to know how to track your business expenses when you are working for yourself and not an employer.
It is only after this tracking process that you would be able to move on to the next step of corporate tax preparation in San Antonio.
Hence, here are the continued tips on how to track your business costs also called self- employed expenses-
Organize it all
In today’s digital world, it would not be a surprise if you get a few of your receipts via e-mail. Now that you are aware of this, you should create one folder in your email that would only be used to store the expenses of the business.
It is a very smart move to store photos of the paper receipts that you receive apart from the e-mail ones. Of course, you should keep these paper receipts in a physical folder as well. However, when you compare the chances of you losing a paper receipt, they are definitely more than you losing a digital copy of the same.
One of the best things you could do for yourself as someone who is self-employment is to record everything. This means taking into consideration each business expense that you make and file the receipts according to that.
All you have to do is make sure not to procrastinate when it comes to such activities.
As a provider of tax services in San Antonio, we know how important it is important to keep your receipts and tax returns for at least a period of three years. This is helpful if you are audited.
Filing quarterly-estimated taxes
Finally, we come to the last step of it. Filing your quarterly estimated taxes is the only way to keep your business costs in an amazing shape. Any kind of failure in filing would result in penalties to the IRS. This is something you would want to avoid in every case.
Paying your taxes throughout the year is the best way to go about it. For more tips like these and the best corporate tax preparation San Antonio, contact Uhlenbrock CPA today!