The most valuable decision you can make as a freelancer is to spend time understanding eligible business deductions. The IRS guidance is that business expenses are ordinary and necessary for the operation of your business.

Since every business owner is in a unique situation, we can provide guidance on what would meet IRS criteria. Some of the common deductions we help clients navigate are:

• Home office

• Contract labor

• Equipment

• Education

• Auto

• Travel

As a business owner you're responsible for a few key things:

1. Accurately tracking business income & expenses

2. Filing quarterly estimated taxes

3. Filing annual profit & loss statements along with self-employment tax calculations

4. If you have contractors or employees, you may also be responsible for payroll reporting, taxes, and generation of W-2s/1099s at year-end.

Poor planning can get you in trouble with the IRS and cost you money (penalties for underpayment of taxes, missed deductions, etc.) so it's critical to get this part right!

As a W-2 employee you may be familiar with having social security and medicare taxes automatically taken out of your paycheck. When you own your own business, those taxes double to 15.3% as you're paying both the employee and employer sides of the tax.

By working with us on maximizing your business deductions we can dramatically reduce this self-employment tax at year end.

This is the biggest question from our freelancer clients. The answer depends on your location, profit, vision and goals.

Fortunately this topic is where we shine, and we have an advisory package to help get you answers.

Tracking your business income & expenses each year is no easy task. Understating your income will get you in trouble with the IRS, and missing deductions means you're over paying the IRS.

We can help you navigate this effectively, managing your financials so you can focus on growing your business.