There are several benefits of being your own boss, either as a business owner or a freelance worker. One of these is the flexibility when it comes to your work hours, as well as taking trips, the ability to work from home, and having more control in how much you make.
If you are self-employed is to settle your tax dues quarterly. In this case, you have to take note of when quarterly taxes are due, which are consistent during the 15th of April, June, September, and January.
One of the primary things that you can do to make sure that you are on top of your tax dues is to organize your receipts. A good practice is to take photos of your receipts so that you will be able to store them digitally.
Another thing that you can do to keep track of your taxes is to leverage a spreadsheet that will allow you to record your income as well as your expenses properly.
It can prove to be quite difficult to file your income tax as a self-employed individual. In this case, Here are some of the receipts that you should keep because these are the expenses that are commonly exempted.
Make sure that you keep your internet and phone bill receipts because these are the expenses that are eligible for a tax deduction. However, you need to ensure that you are only deducting business-related expenses.
Meal expenses are also deductible from your tax dues, provided these are business-related, such as when you travel for a business meeting or when you are entertaining a client.