The article also points out the wisdom of hiring professional accountants
MIAMI (PRWEB) July 06, 2018
Tax season can be quite a stressful and even traumatic time for freelancers that is why National Debt Relief aims to share some financial pieces of advice. The article titled “Why Freelancers Should Be Thinking About Tax Season All Year Long” released July 4, 2018, aims to give freelancers an idea on how to manage their tax filing and payment better.
The article starts off by pointing out that for a lot of people, especially freelancers, identifies tax season as burdensome. This is because they need to keep records of important documentation that has anything to do with their income. For freelancers, this rests squarely on their shoulders and it can be quite confusing.
The article explains that freelancers must accept that not all of their income is the same. It is possible that they have multiple clients and each client pays them differently. A freelancer can be considered as an independent contractor by some clients and others can file 1099 forms and others could have W9 files. This may all look the same for a freelancer as it all pays the bills but the IRS would see this differently. As such, freelancers need to document all their income as they come so they do not have to scramble when tax season comes.
One of the biggest mistakes freelancers make according to the article is that they forget to look at their deductions. There are a lot of freelancers who overlook the fact that they might have a lot of deductions when filing for their taxes. Their supplies and products they need, even the mileage on their cars and any licenses or registration fees they pay to do their jobs can be deductions on their taxes.
The article also points out the wisdom of hiring professional accountants to help them understand and file taxes. Just as they are being hired by clients for their expertise, it makes perfect sense for them to do the same and look for a professional who can help them with their taxes. To read the full article, click https://www.nationaldebtrelief.com/why-freelancers-should-be-thinking-about-tax-season-all-year-long/