Freelancer Tips

4 Steps to Simplify Tax Time

By
Katherine Penta
|
April 4, 2018

Let’s face it: doing your taxes is a real pain. And it’s that much harder when you’re a freelancer. So anything we can find that makes filing them easier, we’re all for. That’s why we’ve partnered with Visor’s best-in-class tax team, who specialize in helping freelancers, and are experts at finding ways to save you money. So no need to panic as Tax Day rapidly approaches—we’ve broken each step of doing your taxes down into bite-sized, actionable pieces.

Log your expenses and income

It sounds simple, but logging your expenses and income is one of the most vital steps to filing your taxes. Without entering this information and categorizing it, you (or your accountant) won’t be able to build a clear picture of your business.

If you’re still looking to take care of this, AND CO’s free accounting tools allow you to log your expenses and income simply and easily. Thanks to their integration with Visor, with just a click, you can send your information over to expert accountants to do your actual filing.  

Get the deductions you’re eligible for

Don’t think of getting deductions as “gaming the system.” The best way to look at it as making sure that all of the resources and costs associated with building your business are not being taxed as regular old income. Visor’s tax team specializes in finding deductions for self-employed business owners, ensuring that you’re not paying more than you need to.

Plan ahead and avoid surprises

Hopefully, you’ve been doing this already, but in case you haven’t it’s a great habit to start now. One way to do that is by filing quarterly tax estimates. This might seem excessive, but is actually the best way for freelancers to provide accurate reporting to the IRS and, most importantly, avoid big surprises come (next) April.

File your taxes

Filing taxes as a freelancer is more complicated because instead of a single employer or income stream, you’ll likely be dealing with several if not dozens of 1099s from various employers. As you get started, one of the first steps you should take is to find a trustworthy accountant to help you during key tax deadlines.

While this will be an added expense, it will save you time in the long run and give you peace of mind when filing on a quarterly and annual basis. Using evergreen accounting software like AND CO -- which automatically syncs with your bank account -- can be a lifesaver too.

Use Visor and breathe easy

In addition to these tips, we want to help you save even more: Fiverr has negotiated an exclusive $150 discount for the Fiverr community to use Visor -- the biggest price reduction they’ve ever given.

Leverage this unique deal and reap the benefits of their personal tax experts, year-round availability (so you can jump on it a little earlier, next year) and transparent pricing. Check out Visor now and start your one-on-one tax consultation today!

Have any tax tips we missed? What helps you prepare for tax season as a freelancer? Share in the comments below!

Katherine Penta
Brand and copy expert with over six years of experience developing brand personas, managing content, and writing copy for brands like Neutrogena, Visa, and Adobe.
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