My accountant has been over the last few days do do my first quarterly tax returns. Man, this is one part of freelancing I don’t like. I don’t mind paying my taxes. Well, I don’t like it, but I want to pay what I owe and not any more than that. The taxes aren’t too bad so far, but I’m about to have to pay taxes on earnings. I’m showing a profit for the end of last year, which isn’t the case. My expenses for getting setup, among other things, there just wasn’t any profit. Because of some where some deposits fell and when the payments made after those deposits came it shows on paper that I made a profit.
In the long run I don’t think it’ll be too bad. We still haven’t finished recording all my expenses for last year and I’ve got a few months before we actually pay my yearly taxes.
But seriously, taxes are much simpler when you work for someone. And people will give you loans. I always thought there were plenty of breaks for a small business to get started yet every time I turn around a different department has their hand in my wallet draining my money.
Any of you freelancers or small business owners got any tax tips?
[tags]Freelancing, Small Business, Taxes[/tags]