It’s important to comply with the specific tax rules that apply to self-employed workers, in order to benefit from all the deductions to which you are entitled. Here are a few key rules to keep in mind:
1. Keep accurate records
To document and justify your expenses, it’s essential to keep accurate records of all your business transactions. This includes receipts, invoices, bank statements and credit card statements. These documents will be essential in the event of an audit by the tax authorities.
2. Respect reporting deadlines
Self-employed people must meet tax filing and payment deadlines. It’s important to be aware of tax filing deadlines to avoid penalties and additional interest.
3. Distinguish between personal and business expenses
It’s crucial to clearly separate your personal and business expenses. By keeping separate bank accounts and using separate credit cards for your business, you’ll make it easier to distinguish between business and personal expenses.
4. Seek professional help
Due to the complexity of tax rules for the self-employed, it may be a good idea to call in an accountant or tax specialist to ensure you max
