Well the time is nearing for those in the United States. Tax Time! If you are in the U.S. and self employed then getting your taxes done means more work than the average joe. After years of headaches trying to do taxes, for the last several years I have used a good accountant along with Quickbooks. If you are making any kind of money online you should consult with an accountant to find out the best set up for your business. Personally, I set up an S-Corporation which prevents me from being double taxed on my income as well as offers some personally liability and protection.

My first year in business I had no idea what I was supposed to do when it came to taxes. I was completely blind to all the money I could have saved. Thus, I ended up filing in a manner that cost me thousands more than if I had prepared earlier for the year. Live and learn I suppose.

This year however, I am actually looking forward to doing my taxes! Think I’m crazy? No, just organized. I actually couldn’t wait because this will be the first year where everything has been organized and records kept as I went along, I entered everything into Quickbooks once a month, and now… all I have to do is drop off my files at my accountant and my taxes are done!

If you’re dreading taxes this year, or think you may make more this year than in years past I recommend getting an accountant and also reading up a little on taxes, write-offs, etc. One book I recently purchased and read is Self Employed Tax Solutions by June Walker.

Since I work out of the home, I get to write off part of the cost of my home. I also get to write off any electronics or computers that I use for my business, a phone line, my Internet connection bill, dedicated fax line, tons of software, web hosting, and more. What kinds of things could you write off this year? If you’re not sure, start thinking about it now. There’s no sense in making lots of money if you’re not willing to learn to keep it and protect it from the tax man!

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