10/07/2026
Self-Employed? Don’t Wait Until Tax Time to Get Organized
If you’re self-employed, managing your taxes involves more than simply filing a tax return once a year. Since taxes generally aren’t withheld from your business income, staying organized throughout the year is essential.
Here are a few important things every self-employed business owner should keep in mind:
📌 Track all of your income
Whether you’re paid by check, credit card, ACH, Venmo, Stripe, or another payment method, you’re generally responsible for reporting your taxable business income—even if you don’t receive a Form 1099.
📌 Keep business expenses organized
Accurate records of ordinary and necessary business expenses can help you identify potential deductions and make tax preparation easier. Save receipts and other documentation throughout the year.
📌 Keep business and personal expenses separate
Using dedicated business bank accounts and credit cards can make bookkeeping easier and help ensure that business income and expenses are properly reported.
📌 Plan for estimated taxes
Self-employed individuals may need to make quarterly estimated tax payments for federal income tax, self-employment tax, and potentially state and local taxes. Reviewing your income and expenses throughout the year can help you avoid surprises at tax time.
📌 Use bookkeeping technology effectively
Tools such as QuickBooks Online can help you track income, categorize expenses, capture receipts, monitor mileage, and generate reports that can be useful for tax planning.
Good bookkeeping isn't just about preparing your tax return—it gives you a clearer picture of how your business is performing and can help you make better financial decisions throughout the year.
If you're self-employed and aren't sure whether your bookkeeping and tax planning are keeping up with your business, now is a good time to review your records before tax season arrives.
Have questions about your business's tax obligations or recordkeeping? Contact our office to discuss how we can help.
