Tax season can be painful, but I bet we all learn some things like not waiting until the last minute, how important it is to keep track of all business expenses and most importantly–retain every bank and credit card statements throughout the year.
However, you can only breathe a quick sigh of relief, because going forward you may want to start paying quarterly taxes which is good tax planning. Meet with your CPA to draft a schedule of estimated taxes. Federal quarterly estimated tax deadlines are April 15, June 15, September 15, and January 15.
For the stimulus check that US taxpayers will receive in May, here’s some advice. If you are self-employed, you may want to deposit that $600 into a SEP-IRA or put it into a Health Savings Account. Whatever you do, don’t buy a gadget like a iPhone unless you can write it off as business expense.