As you’re probably well aware, taxes present some of the biggest challenges and headaches that freelancers face. So why not arm yourself with the knowledge you need to smooth out the process this time around? From helpful introductions to detailed step-by-step guides, check out these 10 valuable freelance tax resources that’ll help you navigate tax season with ease and efficiency.
1. Grasping the Basics
Check out: Understanding Self-Employment Taxes as a Freelancer by Angela Tague
Just starting out as a freelancer, and quarterly taxes have you a little lost? This handy introduction has all the information you need, including when to pay self-employment taxes, how much to pay and how to set aside money in advance to meet your tax obligations.
2. Planning for Tax Season
Check out: How to Prepare for Tax Season as a Freelancer by Nicola Brown
It pays to plan ahead, and this article will tell you the best ways to get ready for tax season before it hits — covering everything from updating your records regularly to keeping your expense claims under control and knowing when to hire an accountant.
3. Mastering the Quarterly Tax System
Check out: Paying Quarterly Self-Employment Taxes in 3 Steps by Angela Tague
Sometimes, you just need a simple way to get familiar with the quarterly tax system. Here’s an easy-to-follow, step-by-step guide that’ll show you how to pay your quarterly self-employment taxes — beginning with understanding your tax bracket and ending with exactly how to pay come deadline time.
4. Managing Your Money Quarterly
Check out: The 5 Stages of Paying Quarterly Taxes by Christine Warner
Why do we have to pay quarterly, anyways? Here’s a personal account of the difficult process of understanding and accepting the quarterly tax payment system as a freelancer. In her piece, Christine covers why we need to pay quarterly, how to educate yourself about the process and what the benefits are.
5. Avoiding a Big Tax Bill
Check out: 3 Lessons I Learned the Hard Way About Saving Money for Taxes by Chelsea Baldwin
Scared of being surprised with a big tax bill when you think you’re in the clear? Chelsea has some advice stemming from her own experience with a bill that was thousands more than she had been expecting. The most important lesson: Find an accountant who knows the self-employed lifestyle, and isn’t afraid to be honest with you.
6. Overcoming Your Fear of the April Tax Crunch
Check out: Taxes for Independent Contractors: How to Avoid the April Panic by Tim Beyers
Ah, April. The time of year that sends freelancers into a panic. Luckily, there are ways to avoid that. This article offers four productive ways to reduce the fear that the impending April tax time creates, all from a freelancer who’s personally experienced the stress and consequences that come with missing tax payments.
7. Handling Income Changes With Ease
Check out: Dealing With Freelance Taxes Due to Big Income Changes by Liz Alton
When you have a big spike (or drop) in income, sometimes it’s hard to know how to handle your tax payments. This article serves as the perfect guide for handling those ups and downs, providing details on how to plan ahead, how to track your monthly expenses and when to call in the experts.
8. Getting a Tax Extension Before It’s Too Late
Check out: An Extension on Your Taxes Is Fine, We Promise by Elizabeth Wellington
It’s down to the wire, and you still haven’t finished your taxes. Sound familiar? If it does, here’s where you can find out what you need to do to get an extension on your tax filing payments — and, yes, it is possible. This article covers when to file an extension, which forms you’ll need and how much extra time you’ll have.
9. Understanding Tax Deductions
Check out: Freelancers’ Tax Deduction Strategy: Living the Life You Want by Josh Hoffman
Did you know that, as a freelancer, you can still take advantage of various tax deductions? Well, you can. Check out Josh’s article for an explanation of the different types of products and services you can deduct — and tips on how to develop the perfect tax deduction strategy for your freelance lifestyle.
10. Registering As an S Corp
Check out: S Corp Tax Deductions: A Plain English Introduction by Chelsea Baldwin
This article provides a detailed explanation of this business entity, how it works, how it could help you save money on your tax payments and how to determine whether registering as an S Corp is right for you.
No one loves taxes (at least, we don’t think anyone does), but it’s important to stay on top of the self-employed quarterly system if you want to keep your business running smoothly. By checking out these 10 freelance tax resources, you can learn more about how to tackle your quarterly payments while maintaining the indy lifestyle you love.