Self employed

Hi There:

Here are a few steps to consider (some but not all)

1)Get IRS EIN Number

2)Check on city and state licensing requirements

3)Determine business liability and the need for protection of an LLC

4)Consider business insurance

5)Open business bank account

6)Deposit all business income and pay all business expenses through business account

7)Perform monthly bookkeeping. Our sister company Quickbooks has great software.

8)From bookkeeping prepare year end income statement

9)From year end income statement report 2023 income and expenses on Schedule C of your tax return.