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Get your taxes done using TurboTax
You are required to report your income and pay income tax even if you do not get tax paperwork from your clients. You are expected to keep accurate business records of your income and your expenses. You use these records to prepare your tax return, using the links and information provided above.
Be aware that if you are audited, the IRS does not have to give you credit for any expenses that you can't prove. Keeping track of your expenses is vitally important when you are self-employed because it is the best way to reduce your net profit subject to tax. An accounting record book, or accounting software, where you keep track of all of your expenses as they happen, is usually the best way to do this. Keeping your receipts is also certainly a good idea. You should keep your receipts and your accounting records for at least three years, and seven years is better. If you know your expenses for this year, you can deduct of them even if you don't have receipts, but you are at some risk in case you are audited. Remember that your expenses include not only supplies, but also some or all of your mileage driving between different clients. You may also be able to expense or depreciate any equipment that you buy for the business.
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