Three Tips for Taxes: Managing Your Lightworker Business
Tax Season might be a few months away, but it is never too early to start planning for your psychic or lightworker business.
There are many tax benefits and deductions available for the self-employed, especially if you work from home. Bear in mind federal and state laws are different and each state will vary so do your research. The key is to be diligent and detailed.
Doing your taxes is easier than you think so have at it and have fun. You will be amazed at how much you may be able to save. Doing your own taxes is far less expensive than paying a professional
As the sole proprietor of your business you will be responsible for keeping track of paying your taxes on a quarterly basis, so plan accordingly and check out the below resources:
There is large amount of information available on the IRS.gov website under self-employment. It tells you when your quarterly taxes are due and how to estimate them.
This is very important for there are fines associated with late quarterly taxes. You will also need to check your state taxes.
You will be responsible for social security and self-employment tax. The rates vary a little each year so plan to set aside a certain percentage of each paycheck. It’s far better to put aside as you go then scramble every quarter.
My personal favorite tax software is TurboTax and QuickBooks for the self-employed. They are simple to use, walk you through each step of your taxes in detail and offer help from tax professionals by phone or email.
QuickBooks is simple to use accounting software, free in some cases, that keeps track of all your expenses and income. Being self-employed requires several special tax forms which the software fills in automatically when you input your data.
Save them all and make notes on them. Anything you use for your business may be eligible for a deductible percentage. Items that are included are everything from pens to postage to paint, professional fees and utilities. The cost of doing your taxes is tax deductible?
If your office is inside your home, you may be eligible for a special home office deduction based on square footage of your room.
Other available deductions may include a percentage of any out of pockets expenses you pay for medical copays, gas for your car and business meals.
The thought of doing your own taxes can seem overwhelming but using the above tips can easily educate you.
Whether you opt to do them yourself or not, keeping detailed track of expenses and paying quarterly estimated taxes may help you with a larger refund and keep more income in your business.
How do you do your taxes?
Any tips you utilize?
What do you think?
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PsychicPro Content Author and Recruiter
I became aware of my gifts at age 3 when I began seeing spirits in my room.
My mother and grandmother were both gifted and from a very young age, I was taught to respect nature and to read her signs along with herbalism, tarot cards, and healing.
I have worked in the healing and psychic world for many years and have taught, read and counseled and written. I trained with many masters and have studied to enhance my gifts in Italy, Greece and many places in the US.
I work with PsychicPRO as a writer and to help readers find their best possible employment in an environment that enhances and honors their abilities. It is an honor to do this work and I look forward to helping you do yours.