Organize your financial records: Gather all necessary documents, such as income statements (W-2, 1099), expense receipts, and other relevant financial records. Keep them organized and easily accessible.
Determine your filing status: Determine whether you will file as an individual, married filing jointly, married filing separately, or as a business entity. Your filing status will affect your tax obligations and potential deductions.
Understand deductible expenses: Familiarize yourself with the deductible expenses relevant to your situation. Common business expenses that can be deducted include office supplies, travel expenses, advertising costs, professional fees, and home office expenses. Keep track of these expenses throughout the year.Statistics: Posted by Sparks — Mon May 08, 2023 1:55 am
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