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Beginning of Year TO DO List
For Self Employed Individuals
01
Take Down Mileage
In order to benefit from standard mileage deduction it is necessary to keep track of your actual mileage. Keep all gas, repair, and toll receipts to compare actual expenses.
02
Open Up a Secure Line of Business Credit
Bank of America offers a secure business line of credit to help business owners build their business credit profiles. No personal credit check is req. Min. Security deposit of $1k
03
Download Bookkeeping App and link to business bank account
QuickBooks has an app designed to track mileage, and allows you to take pictures of your receipts to log with related transactions. Book a consultation with one of our accountants and receive 50% off your first 3 months of service.
04
Set Up IRS account to pay estimated taxes.
Do you owe more than your fair share of taxes at the end of the year due to late fees? Use IRS self directed tool or book an appointment with one of our tax professionals today to prepare and file your quarterly estimated tax returns and avoid Underpayment Penalties.
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