text: Track your spending and planning carefully. If you don't budget or track your expenses now, it's time to start. Being in business entitles you to certain deductions for home office expenses, equipment and other costs related to your work. So whether you use a specific software program or a computer spreadsheet or paper and pen to track your expenses, do so regularly to avoid missing items that could eventually save you money. If you're working with a tax professional or financial planner, coordinate this recordkeeping with the work they're doing for you. Also keep a constant discussion going about saving for the future, including retirement.