Self-Employed Tax Returns
Owning a business can be both rewarding and stressful. As the sole decision-maker, business owners have many choices, and these choices involve tax consequences. Next Level Tax can help you minimize your overall tax burden by identifying and maximizing business deductions, providing guidance on the substantiation of expenses, and exploring tax planning alternatives available to self-employed. As you pay taxes from the profit of your self-employed activities, it is crucial to track expenses from freelancing activities. We guide you through what is deductible and assist with your sole-proprietorship's accounting and tax preparation.
Retirement Savings for the Self-Employed
Many retirement options are available to self-employed individuals. Which can include deductible contributions to a Keogh plan, traditional or Roth IRA, SEP plan, SIMPLE plan, or a one-person 401(k) plan. You can consider implementing one of these plans for yourself or your employees.
Each plans has its own advantages and disadvantages, and some may not apply to your situation. Ultimately, the choice will depend on factors related to your business and your retirement needs. However, it is essential commence retirement planning.
With many complex rules and calculations involved, Next Level Tax will be happy to review your overall tax scenario maximizing your savings. Do contact us at your the earliest so we can assist you.