Freelance-Advice.com » Accounting

Tax Time Tip: Saving Receipts

Catherine Tully — Wed, 14 Apr 2010 19:25:17 +0000

With April 15th right around the bend, can you honestly say that you saved every receipt that you could have written off?

If not, try a simple technique that works. Grab a jar, a shoebox or another container and set it on your desk or by the door. When you come home, empty your pockets, purse or wallet and put your business-related receipts in the container immediately.

You can sort through it each week and enter your writing-related expenses, but this keeps everything from getting lost along the way…

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Paypal Invoices

Yolander Prinzel — Thu, 08 Oct 2009 12:22:55 +0000

If you want to get paid quickly, use Paypal for your invoicing. It’s free, allows you to give a full breakdown of the charges, and the invoice is emailed to your client along with a big “Pay it now” type button that makes payment super easy. The only problem I have with them is that you can’t print the invoice (or see it) after it’s been paid—so make sure you PDF a copy in case of future disputes.

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Copy Your Receipts

advice — Wed, 16 Sep 2009 13:03:42 +0000

When you save your receipts for your end-of-year tax hell, it’s a very good idea to xerox them or at least write down the details elsewhere. Today’s receipts tend to fade–especially cash register tape from restaurants and your local ATM. Most freelancers get burned by this once and say “Never again!” but if you’re on your first year of saving those receipts, do yourself a favor–spare your eyes trying to figure out what was printed on those year-old register tapes and get copies or write them in a ledger.

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Shhh….Tax Season Will Hear You

Yolander Prinzel — Wed, 12 Aug 2009 20:49:50 +0000

As a freelance writing business owner, you don’t have to worry about “tax season” so much as you need to worry about quarterly estimated taxes. Right now, you’ve got about 30 days to get your accounting in order for September’s quarterly estimated due date.

The easiest way I’ve found to do my accounting is through Outright’s free accouting software. I was actually turned on to them by fellow writer Jennifer Escalona. The software is super simple–enter your payables and receivables–and it tells you about what you owe for FICA AND Social Security.

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