Question

All independent contractors are required to have a good grasp of bookkeeping, accounting and tax planning. Discuss in 400-500 words, some of the tax requirements the self-employed need to think about, particularly during tax season? Please make sure you have to write it in 400-500 words, and post as a text, not an image.

Answer 1

When we arrive at the tax season, it is nothing important to think about other than the filing of tax returns. If you are a business then for sure it will be a great task for you to complete filing of the tax return. Let us here discuss what are the documents to be reviewed and what are all the requirements and preparations for filing a tax return.

It is very important, you get and write down the details and source of all types of income which you have earned during the previous year very we in advance so that you will not miss on anything. Examination of bank statement will do a great favour for you in this step.

The next thing will be to list out all the expenses you have incurred the purpose and the amount of expense, this is also a very important thing because the deductions you can are calculated from here.

Get the details of all types of credit you will be eligible to, this will be done by your accountant after you give him all the data.

Now the next step will be to hand over all the details to your accountant along with bank statements and invoices for expenditure incurred. Then the accountant will take care of your filing gathering at one hand all the incomes and on the other hand all the deductions and credits. Accountant will be master in tax regulations so that he can reduce your tax liability to the minimum possible and there are even chances fora refund if you have any withholding of taxes.

That's all from my side of your criteria is not satisfied then you can add some points as to which year and what forms etc.