Self-Employed Taxes: Records and Potential Deductions
Simple recordkeeping steps for freelancers, contractors, and side-business owners.
Keep business income records
Track payments from customers, cash transactions, platform earnings, and Forms 1099. Income can be reportable even if you do not receive a 1099.
Separate business expenses
Maintain receipts and notes for potentially deductible ordinary and necessary business expenses. Personal expenses are generally not business deductions.
Consider estimated taxes
Some self-employed taxpayers may need to make estimated tax payments during the year. The amount depends on individual circumstances.
Make tax season easier
Reconcile bank statements and payment platforms regularly, track business mileage with appropriate records, and ask your preparer about documentation requirements.
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General educational information only; not individualized tax advice. Rules and amounts can change by tax year. Confirm current guidance at IRS.gov or with a qualified tax professional.