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