Keep accurate records of all your income and expenses. Don’t forget about business income from PayPal, Venmo or other similar sources. Under a law that went into effect at the beginning of 2022, those services have to file a 1099 form for anyone who receives $600 or more in payments through their system.
Save your receipts.
Know what tax deductions you’re entitled to, and record even small amounts. They add up at the end of the year.
Consider hiring a tax professional to prepare your returns and give you other financial advice related to your business. You’ll save hours of your own time and gain peace of mind knowing everything is being done correctly.