10 Tips for Saving Money as a Freelancer

Now that I've been freelancing for well over a year, I've dealt with my fair share of expenses, taxes and other terrible money sucking things we have to deal with as the self-employed. There are several ways to manage these of course, and ways to save money doing so. Unfortunately, just because we stay at home it doesn't mean that we save more money than someone who works outside of the home. Yes, we have to … [Read more...]

10 Income Tax Terms All U.S. Freelancers Must Learn

If you're a freelancer in the U.S., then you've probably either just completed your income tax return early, or you (like many of us) are still in the process of completing it before the April deadline. This post is for those of you who are still working on your tax return. The income tax return of a freelancer is notably different from the income tax return of a corporate employee. Whether you've been … [Read more...]

What Your Bookkeeper Wants You to Know About Recordkeeping (Interview)

Freelancers have survived yet another Tax Day, which means now is the perfect time to... prepare for the next one! Most freelancers are in denial about their finances, putting off even thinking about them until taxes are due again--with grave consequences (as you'll see later on). However, recording and monitoring your "books" or records of financial transactions is an essential part of running a … [Read more...]

5 Tips For Filing Your Taxes Easily

One thing that scares a lot of professionals away from becoming freelancers is the thought of doing taxes. Taking care of your taxes shouldn't be scary. Especially if you're a one person business, filing your taxes can easily be done in less than 30 minutes. In this post, I'll share some of my tips for filing taxes, as well as some great tools to help make tax time painless and easy. … [Read more...]

Open Thread: How Are You Handling Your Taxes This Year?

It's nearly tax time in the U.S. and that means decision time for many freelancers. It's time to decide how to handle income tax preparation. Freelancers have several options when it comes to income tax preparation. They can: Do it themselves Use tax software Hire a professional such as an accountant or bookkeeper Of course, each choice has its advantages and its disadvantages. … [Read more...]

Budgeting for Freelancers

It's tough enough to budget money correctly when you're on a regular income, but it gets really tough when your income is irregular and unpredictable. What do you do with all that money you make, now that you're a fabulous freelancer? Do you throw it in a bank account and pray there's enough for that flat screen you've been wanting and this month's rent? Are you saving or always coming up short with your … [Read more...]

When To Hire an Accountant

One of the most common questions that freelancers ask is "how big does my business have to be before I need to hire an accountant" Many freelancers start their business on a shoestring budget. For many, a simple spreadsheet is their only accounting tool because that is all that they can really afford at first. For the freelancer who understands basic accounting and bookkeeping principles, a spreadsheet may … [Read more...]