Posted by: Garcia & Cuadra, PA | April 6, 2017

Reasons Why Self-Employed Workers Need Accounting and Tax Services

Accounting and Tax Services | Tampa | Garcia and CuadraBeing self-employed can be a liberating, life-fulfilling experience, but without professional accounting and tax services, it can also be a nightmare. There are many different tax laws that apply once you start working for yourself. It’s important to prepare, or you could end up owing a lot of money to the government. On the other hand, if you aren’t familiar with what deductions and benefits apply to you, you could also end up paying the IRS too much.

As a self-employed filer, you don’t want either scenario. Here are three ways accounting and tax services in Tampa can help you.

Home Office? Deduct It

If you are operating your business or service out of your home office, that can qualify as a deduction. This process works by deducting a percentage of your home (like a room or office) used for business. You can do the same with utilities as well.

For example, if you’re paying for internet service in Tampa and you spend a portion of time online to run your business, that could qualify as a deduction. The same rule applies if you’re using your phone for business. If a professional takes the time to examine your home and understand how you operate your business, it could save you thousands.

Be Organized and Track Business Related Expenses

Hold on to all of your business-related receipts. Examples may include receipts for office supplies, shipping fees, subscriptions, and software. Programs like QuickBooks are also useful for staying on top of your income, expenses, and other aspects of bookkeeping. Staying on top of things will help you get the most out of your taxes when it is time to make deductions.

Get Professional Help from a Local Accounting and Tax Services Company

While it’s possible to handle accounting and tax services on your own, it isn’t easy. As a self-employed person, you must pay income tax as well as a self-employed tax. Get expert help from a professional in Tampa who is familiar with self-employment. They will help you to take advantage of special deductions and allowances.

For a consultation with the best accounting and tax services in Tampa, call Garcia and Cuadra at 813-415-2431.

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