Freelancers, It’s Almost Time to File Your 2018 Taxes

There are many benefits to being a freelancer including picking your own projects and determining your own hours.  However, tax time is one time where being a traditional employee is just easier.  As a freelancer, you have to file 1099-MISC forms for any contractor who provided more than $600 worth of services, and you also have to pay the taxes an employer would pay if you had a traditional job.

The deadline to file taxes is just a few short weeks away, and if you haven’t started putting together the resources you need, here’s a guide to get you started:

  1. Complete your bookkeeping for last year.
  2. Remember to deduct expenses like internet, phone, travel and meals, advertising, health insurance premiums, and bank fees, to name a few.
  3. Put money in your personal retirement account, if you’re able.
  4. Deduct mileage for business travel (the current rate is 54.5 cents per mile). 
  5. Find a trustworthy accountant.  Filing your own taxes as a freelancer is tough, so seek an expert if you need to.
freelancer tax guide 2019 Infographic

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