ACTIONABLE IDEAS FOR CREATIVE ENTREPRENEURS SINCE 2010
Taxes are due APRIL 18, 2023
How to get ready to file your taxes:
1. Collect all of your tax documents, including 1099 forms, invoices, financial statements, and receipts. Use an app like Quickbooks to get your receipts organized!
2. Determine which federal and state taxes you are required to pay, as well as any estimated taxes that may be due.
3. Determine your filing status and determine the right form of filing for your situation (e.g., 1040, 1040-EZ).
4. Gather all of the necessary forms and documents needed to complete your return (e.g., W-2, Schedule C).
5. Calculate all income sources from freelance work and other self-employment activities to determine whether or not you have a taxable profit or loss from these activities.
6. Deduct any business expenses that are related to freelance work in order to reduce your taxable income and lower the amount of taxes owed for the year.
7. Make sure to take advantage of available credits and deductions for freelancers such as the home office deduction and self-employed health insurance deduction if applicable.