Tax season can be painful, but I bet we all learned some lessons like
not waiting until the last minute, how important it is to keep track of
all business expenses and most importantly–retain every bank and
credit card statements throughout the year.If you realized how unorganized you are financially, head over to the nearest office supply store, and get some binders, a schredder and maybe a flash drive to back up financial data.
To be fair,you can only breathe a quick sigh of relief because going
forward you may want to start paying quarterly taxes which is good tax
planning. Meet with your CPA to draft a schedule of estimated taxes.
Federal quarterly estimated tax deadlines are April 15, June 15,
September 15, and January 15.
For the stimulus check that US taxpayers will receive in May, here’s
some advice. If you are self-employed, you may want to deposit that
$600 into a SEP-IRA or put it into a Health Savings Account. Whatever you do, I suggest you not buy a gadget like a iPhone unless you can write it off as business expense.