Whether you work for a big corporation or you are your own boss, there are always tax returns to be filed. In Houston and Texas, state income taxes are not filed and a bookkeeper is not needed in that respect, but federal taxes still apply. If you are a business of one, aka freelancer, you may think that you can’t afford a big time accountant to help you find loopholes, or as bookkeepers call them, legal deductions.
After reading other stuff on the web on the subject, as in here, it comes to mind that there are good tips out there for freelancers. They include being organized and keeping copies of incomes and expenses. Other good tips can include remembering to cite business miles, health insurance,and other expenses associated with the business. If in doubt, bring the papers to a bookkeeper or accountant to help. We can often find deductions that can easily cover the fees for preparing a tax return.
Another part of becoming a freelancer is setting up your own corporation. It isn’t just for iPad manufacturers and car makers. Even individuals in Houston can use a bookkeeper to file the paperwork with the Texas Secretary of State. In fact, it is one of the many services we offer here. It only costs a one time fee to set up, and since the tax rates for a corporation are considerably lower than for a self employed individual, the cost to have a bookkeeper or accountant set one is often less than the amount saved on the first year alone.
To learn more about how setting up a corporation can help your bottom line or to learn more about which type corporation is right for you, give us a call at our Houston offices by dialing (281) 894-6494 or by emailing us at firstname.lastname@example.org.