Self-employed and getting ready to do your taxes? These 4 tips will help ease the process

There are many benefits to being self-employed. Often, you'll get to set your own hours, work from whatever location you please, and take on projects that interest you. There are also tax benefits to being self-employed. But one potential drawback is the process of filing taxes can be trickier and more cumbersome than if you're a salaried employee. With that in mind, here are four tips to navigate the current tax season.

1. Start the process early

Your 2021 tax return, which is the return you're filing this year, isn't due until April 18. But if you're self-employed, it pays to start working on it well ahead of that deadline. You may run into different hiccups as you get your documentation in order, such as realizing you're missing certain information you need to complete your return. The sooner you get started, the less stress you'll have.

2. Make sure you have a clear handle on your earnings

It's important to keep detailed records of your earnings when you're self-employed, because depending on your situation, you may not have such an easy time reporting your income on your tax return. If you're self-employed and were paid through a third-party platform like Upwork last year, you won't get a tax form summarizing your income unless you earned over $20,000 and were paid in over 200 separate transactions.

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