Guest post from Laura Spencer.

Tax season may be over in the United States, but it’s not too late to start things off on the right foot for next year.

If you’re new to working from home, then you might also be new to the accounting that goes along with running your own business. While this post isn’t meant to be a comprehensive guide for home business owners or to provide professional accounting advice, there are a few accounting tips that can help the new home business owner get off on the right foot.

(Note: These tips are geared primarily towards a home business owner who is located in the United States, although the principles may possibly apply in some other countries.)

Track Income. Keep a record of every dime that you receive. Many independent contractors make the mistake of believing that they do not have to report income if they do not receive a Form 1099. This is an incorrect belief. While a client is not required to send you a 1099 unless they pay you a total of $600, or more, during the tax year – you are still liable for taxes on the income that you receive. Home business owners who do work for international businesses should also track their income carefully since many foreign companies will not send a 1099 form, regardless of the amount.

Keep receipts. You should have a paper trail for all business expenses that you incur during the year. This means that you should keep the receipts for any business-related major purchases (new computer, phone system, software, etc.) that you make as well as for your everyday operating expenses (ink for the printer, paper, postage, etc.). If you don’t have a record, then the expense may be challenged if you are audited.

Self-employment tax. Many first-time business owners forget to set money aside for self-employment tax. When tax time rolls around, they are in for a shock when they realize that they are not only liable for the ordinary tax that an employer would have withheld, but also for the contribution an employer would have made towards Social Security and Medicare. Don’t let self-employment tax surprise you. Start saving for it now.

The United States government actually provides a number of resources for small business owners and the self-employed. Some of the better ones include:

The IRS’s one-stop resource – There’s a lot of links, and the information can seem overwhelming at first. If you stick with it, however, you can probably find the answer to many tax questions here.

The U.S. Small Business Association – I’d especially like to highlight the Small Business planner, which is great for new businesses, and the Local Resources link.

Business.gov – The official link to government regulations, information, and services designed especially for businesses. In particular, check the section with Small Business Guides.

With a little preparation and planning, most new business owners learn to manage the accounting aspect of their business even if their background is NOT in accounting.

Laura Spencer is a web-based freelance writer and blogger with over 18 years of professional writing experience. You can learn more about Laura at WritingThoughts, or you can catch up with her at Work From Home Momma or Business and Blogging.