Let's get this straight, you probably became a freelancer to focus on something you know and love like photography, floral arrangements, or even event planning. We’re sure you’re excellent at the service you provide, but if you are like most freelancers, you don’t have the money or the time to keep up with all the admin work that a tax season brings along.
It doesn’t matter how complicated or straightforward your finances may be, filing taxes is usually a pain. Especially for freelancers like you, who want to realize their dream of doing what they love, but do be bogged down with administrative work.
Are you already sweating at the mention of the tax season? Well, if you are, you are in the right place. Below is a compilation of tips that can help you sail through!
Collaborate with a pro
Collaborating with an accounting professional who knows what exactly needs to be done to keep you cool with the IRS, is not a bad idea. However, before hiring anyone, make sure you verify the person's credentials and try to make sure you review recommendations, preferably from someone you trust.
In the likely event you cannot afford the services of a pro, you may be interested to know that there are lots of expense, invoicing, and tax management tools out there.
Switch to the cloud
Being new into the business, you may not have that instinct for management. A box of receipts here, some pending invoices there, stuff saved on Google Drive related to various accounts, some receipts collected on your phone's photostream, a few spreadsheets, this is a common sight. Organization is the preliminary requirement for a successful tax filing. A cloud accounting software that helps you sync everything is what you need.
Saving for taxes? Is that even possible?
Is it even possible to keep saving for the tax season on the go? Well, with smart choices, it definitely is. There are a few online platforms with integrated tax vaults. These tax vaults are like an independent wallet for you to save dedicated funds from time to time.
Early to start, first to file
Procrastinating on doing your taxes until the last minute is only going to add to the pain. We are pretty sure you cannot do a pile of stuff at once, that you hate doing anyway.
Getting started with your tax returns early gives you an edge. You will have additional time at hand to figure things out, make informed decisions, and keep yourself from falling prey to tax identity theft. Don't let things become all the more stressful! Start early and see how smooth it gets.
We can help; Make more time for the work you love
Clarrow is one such platform for people who have decided to pursue what they love. Collaborate with the us to join an ever-increasing community of freelancers, who love pursuing their passion but hate the admin work and the tax season, of course!