Benjamin Franklin said, “In this world, nothing can be certain except death and taxes”. Here are a few tips that will help self-employed people deal with the latter:
Record your expenses well
Ensure you keep track of every small and big expense required for running the business.
Never miss a deadline
Even if you have hired a person to deal with your taxes, it is essential to know the important due dates.
Amount invested in medical insurance are exempted under Section 80D. Savings under retirement policies also go beyond the purview of taxes.
Pay attention to the company structure
The simpler the form and structure of the company, the easier it is to file your taxes.
Keep track of all the deductions
Allowable deductions like medical insurance, charitable contributions, etc. provide a sure way to keep your tax liability down.
Self-employed people fear the taxman mainly due to the lack of account keeping. However, with a few simple tax planning tips, they can file and pay their taxes with ease.
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