Being self-employed brings a great deal of independence and flexibility, but it also comes with unique tax challenges and responsibilities. Providence Financial Services is here to help you navigate these complexities with our specialised tax planning and bookkeeping review services for self-employed individuals.
Tax planning for the self-employed requires a strategic approach to maximise deductions and minimise liabilities. We start by thoroughly understanding your business and financial situation. We will analyse your income sources, expenses, and any potential deductions specific to your field to identify all possible tax-saving opportunities. One of the critical areas we focus on is quarterly estimated tax payments. Unlike traditional employees, self-employed individuals must pay taxes throughout the year. We assist you in calculating accurate estimated payments to avoid underpayment penalties and ensure you’re not caught off guard by a large tax bill at the end of the year.
Bookkeeping is another essential aspect of managing a self-employed business. With bookkeeping, you can maintain up-to-date records for both tax compliance and financial planning. Our bookkeeping review services include setting up efficient bookkeeping systems, training you on best practices, and conducting regular reviews of your business records. The ongoing support of our team helps prevent errors that could lead to tax issues down the line.
That’s not all, we also advise our clients on retirement planning options that are tax-efficient, such as SEP IRAs, Solo 401(k)s, and other retirement accounts. These plans not only help secure your financial future but also provide valuable tax deductions today. When you partner with Providence Financial Services, you gain access to expert guidance and impeccable support according to your needs.
