Easy Accounting Tools for Your Freelance Business

How badly do you hate accounting? Yeah, me too. We certainly can't avoid it. But, we can automate it with some really slick and easy-to-use accounting tools. Let's take a look so you can spend less time battling those numbers. A few weeks ago, we discussed the importance of streamlining your business with systems, software and automation. Today we are going to take a look at how to automate, quite … [Read more...]

What Freelancers Need to Know About Income Taxes

If you're a freelancer in the United States, it's time to think about income taxes again. There are some major differences between filing U.S. income taxes as an employee and filing them as a freelancer. Often, these differences take new freelancers by surprise--but it doesn't have to be that way. If you're a new to freelancing this year, or if you just need a reminder about some of the tax … [Read more...]

Tips and Guidelines for Smarter Price Estimates

When you are building a price sheet it can be a struggle to match costs with efficiency. Prices are always changing based on quality and brand recognition. As a small freelancer you probably won't have much branding, but this isn't an excuse to lower your standards into accepting a smaller income. These tips below should get you thinking about estimates for project work. All freelancers must come to terms … [Read more...]

Which Business Structure Maximizes Your Freelance Tax Benefits?

When forming any business, it’s important to consider the legal formation of the business early on. In freelancing businesses in particular, there are specific tax ramifications to the legal business structure that you select. This is particularly true in the U.S., and may be true elsewhere as well. There are three main types of legal forms of business to consider when starting a freelancing business. These … [Read more...]

It’s Never Too Early to Think About Taxes

While April 15 seems like an eternity from now, it never hurts to be on top of your tax game. For the freelance writer, he or she should be focusing in on their tax information throughout the year, not just panicking the week before taxes are due. Often, freelancers come running to their tax person weeks or days before the April filing deadline with loads of notes, receipts and more. That’s when the fun (not … [Read more...]

How Freelancers Can Start to Prepare for Retirement

Pretending that retirement will never happen to you won't keep it from coming one day. For many traditional employees in the daily rat race there are 401ks and investments, social security payments and corporate pensions. This is all leading to that day when the employee chooses to throw in the towel and spend their golden years in leisure. Most freelancers have none of those safeguards, but even if you do … [Read more...]

What Is the Difference Between a Hobby and a Business?

Is your freelancing business actually a hobby? Some people think that a freelance business is really a hobby if you work from home, but is it? What about if you keep unusual business hours or work part-time? Do these things mean you're not really in business? Some so-called gurus say that working from home or keeping unusual hours means you don't have a real business. While many people may have their … [Read more...]

Open Thread: How Do You Handle Your Accounting Tasks?

Accounting is a struggle for many freelancers. While most freelancers are an expert in their chosen field, many have little to no training in accounting. Yet, proper accounting is a vital part of running a freelancing business. An accounting mistake can have serious consequences for a business. Good accounting practices can mean the difference between having a profitable business and losing money. There … [Read more...]

Freelance Finances – What to Do with All that Money

Being a successful freelancer means you have the ability to earn a lot more money than you ever could with a full-time job. Therefore, it's very important that you have a good financial head on your shoulders. Otherwise, you could end up broke, in debt, or even lose your business. It's quite easy to forget about sticking to a budget or about saving when you're making lots of money, but are you prepared … [Read more...]

7 Best Practices for Sending Invoices

Sending invoices is one of my favorite freelancing activities, second only to actually receiving payments. What few freelancers may realize, however, is that invoices are not simply instruments for getting paid. They're part of your business communication, branding, and marketing. Imagine if you were a designer and you send generic invoices from PayPal. Or a writer and your invoices have typos. That may … [Read more...]