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Whether you’re a freelancer or an entrepreneur, tax preparation tasks if you're self-employed can be overwhelming. Hiring a tax accountant can help you sort through the complexities of filing taxes and ensure you are getting the maximum refund. The accountants at Sharrard McGee & Co PA in High Point and Greensboro, NC help self-employed professionals with all their tax preparation and filing needs. 

The expert tax advisors at Sharrard McGee & Co offer some important tax tips for the self-employed:

  • Make Quarterly Tax Payments: As a self-employed individual, the IRS expects you to make quarterly estimated tax payments. If you fail to do so, you will be responsible for paying a penalty come April 18. So be sure to make payments each quarter, and if you end up overpaying, you will receive a refund. tax preparation
  • Be Careful About Deductions: The IRS has vague definitions about ordinary and necessary expenses that are tax-deductible. If you’re filing as a self-employed individual for the first time or are unsure about what expenses are and are not deductible, consult with an experienced tax accountant so you aren’t putting yourself at risk for an audit.
  • Keep Every Single Receipt: If you plan to deduct any type of business expenses for your office, such as purchases made to conduct your business or travel expenses related to your business, you need an accurate record of all purchases. Keep a copy of all receipts and organize them so you can verify and report business expenses accurately.

For more answers about self-employed tax preparation, or if you need help filing your taxes, speak to the tax advisors at Sharrard McGee & Co PA today. Call their High Point location at (336) 884-0410 or their Greensboro location at (336) 272-9777. Visit their website for more information about all their accounting and financial services.

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