organizing your online sales finances for taxes

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organizing your online sales finances for taxes

Running an online sales business has opened a lot of doors for my family. It has provided us with the additional income that we needed to get through some hard times. My wife has been taking care of this business from the beginning and has done quite well with it. The one thing that she overlooked was the bookkeeping aspect of it. She has done her best to hold onto receipts and track spending, but she didn't do very well putting it all into a spread sheet for tax season. If this is something that you are experiencing, this blog can help you reclaim the organization you need to optimize your finances for tax season.

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Leaving Your Corporate Job To Freelance? Get An Accountant Before You Start Earning Money

If you quit your corporate job and decided to freelance on your own, but you are unsure how to save money and how you're going to deal with taxes at the end of the year, get an accountant. You can budget for the expenses that come up as a business owner and figure out how to pay yourself more easily when you have professional help.

Having an accountant will also save you a lot of time, especially if you have to bill people for your services. Here are a couple of reasons why an accountant may be the best help for your new business.

Save Time and Avoid Deadline Mishaps

Your time as a freelancer or independent employee is priceless. If spending time trying to figure out the details of your accounting needs is overwhelming, and your time could be better spent working and making money, pay someone else to do the accounting work.

You may need to pay your taxes quarterly, put money aside for tax payment preparations, and more. The accountant will schedule all of this, let you know what you're going to owe, and can direct the money into specific accounts for you.

Prevent Tax Errors

An individual who is self-employed has to pay about 15.3 percent more in taxes than someone who doesn't own a small business. You want to make sure that this is all you are paying and not more.

Using a tax professional will help you prepare to pay the right amount of taxes without having major issues at the end of the year that get you audited. The tax codes aren't set up to help small business owners, and you will have someone to guide you on what you can write off throughout the year, what to spend on, and where you can use loopholes.

Get Financial Reports

It will be easier to see how profitable your business was, what the profit margins look like, and where you need to save money when you have financial reports. The accountant will prep everything for you, discuss where you are paying the most, what deductions you need to aim for, and more.

If you have no idea how you're going to manage your finances as you start a new business on your own and leave the corporate world, find an accountant. Money management, accurate financial reporting, and tax benefits are invaluable. Reach out to an accounting service near you to learn more.