Are you self-employed and not sure where to start with your taxes? Here at Reliance, our top priority is making sure that you are prepared! We’ve compiled a list of items for you to ensure your tax season is a breeze.
How do I Know if I’m Self-Employed?
According to the IRS, you are self employed if:
- You carry on a trade or business as a sole proprietor or an independent contractor
- You are a member of a partnership that carries on a trade or business
- You are otherwise in business for yourself (including a part-time business)
More information on self-employment can be found on the IRS website.
What Documents Do I Need?
Below are some common documents that are needed if you are filing self-employment taxes.
Income Documents:
- Receipts from sales/services
- Sales records
- Returns and allowances
- Business checking and savings account interest
Expenses:
- Advertising
- Phones (landlines, fax, or cell phones related to your business)
- Computer/internet expenses
- Transportation/travel expenses
- Commissions and fees
- Business insurance
- Interest expenses
- Professional fees (lawyers, accountants, etc.)
- Office supplies
- Office space expenses
- Wages paid to employees
- Employee benefit expenses
Don’t Stress, We’re Here to Help
At Reliance, we always want you to feel prepared. This tax season, take out the guess-work and give us a call! We’re here to answer any of your questions. Call us today at (720) 452-2915 or visit our website.
