Be aware of tax deductions that apply to your business, such as business expenses, depreciation, and deductions for self-employed individuals. Take advantage of these deductions to lower your taxable income.
Keep all your financial records organized and easily accessible. This includes receipts, invoices, bank statements, and other financial documents. It will make tax time much easier and help you in case of an audit.
If you are self-employed or have a business that generates taxable income, you may need to make estimated tax payments throughout the year. Plan for these payments to avoid surprises at tax time.