Hi all,
I’m trying to work out my taxes as a contractor and I’m looking for ways to do it on my own. Does anyone have any straightforward tips or methods that have worked for you? Any advice on tools or resources that can simplify the process would be great. Thanks!
I keep things simple by using a spreadsheet to track expenses and income. I put aside a fixed percentage of each job for taxes and record all receipts. I check my numbers at the end of each month to avoid surprises. I also use invoicing apps that help me log payments and expenses, which gives me a clear picture come tax time.
I use a straightforward approach with paper notes and a free tax calculator online. It keeps me updated on amounts due and helps avoid a last-minute scramble during tax time.
I update my records weekly and reserve a set percentage for taxes, which makes April less stressful.
i usually jot down my earnings and expenses as soon as i can and then update a basic spreadsheet weekly. this way, i always have a clear picture come tax season and it gets rid of the last-minute scramble. 