Kat
Level 15
Level 15

Get your taxes done using TurboTax

You are so welcome!  The "excellent" records part means that you should keep a record of each paycheck you receive.  This would include the date and amount of your payment.  It doesn't have to be anything super fancy; a ledger sheet, or even a plain piece of paper is fine.  Just record your income as it comes in so that you can compare your total to the 1099 that you'll receive.  And you may NOT receive a 1099, which makes your record-keeping your official document.

 

Additionally, keep a record and receipts you have for costs associated with this business.  If the IRS should ever want to take a look at your records, you'll have them all together and would be able to produce them easily.

 

And yes, ALWAYS keep any tax documents (such as your W-2 or 1099s) in a safe place.  

 

One other suggestion:  Each and every year, you should print or save a copy of your TurboTax PDF file as well as your tax data file.  Save it to your computer, and also to a separate device such as a flash drive, external hard drive, etc.  That way, you'll always have a copy at your fingertips without having to pay TurboTax to access a copy.  I'm linking you to two TurboTax FAQs that instruct you on saving these files.

 

Best of luck in your new venture!

 

https://ttlc.intuit.com/questions/1912544-how-do-i-save-my-2018-turbotax-online-return-as-a-pdf

 

https://ttlc.intuit.com/questions/1901360-save-a-backup-copy-of-your-tax-file

 

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

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