Here are five frequently made tax mistakes by self-employed individuals: Neglecting to Track Expenses: Failing to keep meticul

Here are five frequently made tax mistakes by self-employed individuals:

Neglecting to Track Expenses: Failing to keep meticulous records of business expenses can lead to missed deductions.

Ignoring Estimated Tax Payments: Not making quarterly estimated tax payments can result in penalties and a hefty tax bill at the end of the year.

Misclassifying Workers: Incorrectly classifying employees as independent contractors can lead to back taxes and fines.

Not Separating Personal and Business Finances: Mixing personal and business funds can complicate accounting and tax reporting.

Overlooking Retirement Contributions: Missing out on retirement plan contributions can limit savings and tax benefits.

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6 Essential Tax Breaks Every Small Business Should Be Aware Of

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Strategizing for success in 2025 through effective accounting practices.

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List of Business Expenses Claimable by Sole Traders: What You Can Deduct

As a sole trader in the UK, filing an annual tax return to HMRC by the 31st of January is ...

HMRC cracks down on East Midlands businesses for National Minimum Wage non-compliance.

East Midlands businesses, particularly small and medium-sized enterprises, are now under scrutiny by HMRC for potential non-compliance with the National ...