Whether you’re making extra cash on the side or are a full-time freelancer, here’s what you need to know to avoid surprises during tax season. - NBCNewsBETTER
Tax planning is an ongoing process, especially if you are self-employed. Hurlbert recommends checking in quarterly to ensure you make accurate estimated payments. You should also talk to your CPA before you make significant financial decisions or big purchases and at the end of each year to understand any changes in the tax code that may impact your planning. “Your tax preparer should not disappear when tax season ends,” she says.
Depending on your business, you may have additional responsibilities throughout the year, including managing payroll for employees or . Start right now with the small, manageable tasks and seek out help as you need it. Implementing these strategies throughout the year will save you from surprises when the 2019 tax season rolls around.
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