Filing taxes can be a strenuous process especially now that you are adding another form of income to your docket. The most important thing to do when it comes to staying on top of your taxes is to keep detailed records of every transaction you make for your business. This means that you should be keeping track of your income and expenses, either manually or by using a money management software such as QuickBooks or Quicken. Also, be sure to organize your expenses into categories such as rent, marketing, administrative, etc. This will not only be beneficial for you come tax season, but also for keeping track of where your money is going.
The resources below will help you find out how best to structure your business’ finances to reduce your tax obligations and take a little bit of the stress out of the process:
- IRS– Small Business and Self-Employed Tax Center
- Inc.com– Small Business Tax Strategies
- Business Income Defined
- Depreciation of Tangible Assets for tax purposes
- TurboTax– Online Tax Software