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Certified Public Accountants and Management
Consultants
13 Byington Place, Norwalk, CT 06850
Phone: 203-853-1040
Fax: 203-853-070
Email: info@depanfilis.com
Website: www.depanfilis.com
Starting your first business as a self-employed individual may be exciting, but it can also be taxing. To make the best of it, you’ll need to understand and attend to your tax obligations.
Needless to say, you have to stay on top of necessary paperwork, from copies of all tax returns to exact records of your income and expenses.
One tax-advantaged benefit that may work for you now and later is a Simplified Employee Pension (SEP), which allows you to put away large amounts of money for your retirement. You can contribute to a SEP and deduct contributions from 2018 gross income up to your 2018 tax filing deadline, plus extensions. Talk to your tax professional to learn about this and other tax issues you might face.
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