50 Tools and Resources for Freelancers During Tax Season

Thursday, January 17, 2008 at 1:01am by Site Administrator

Freelancers have a lot to worry about when it comes to taxes. Just thinking about estimated payments, deductions, and extra forms is enough to make your head spin. Oh, and did we mention that freelancers are some of the most often audited taxpayers? Let this collection of advice, tools, and resources ease your stress and get you on the right track for this year’s tax season.

Tips

There’s a wealth of tax advice out there for freelancers, and these articles represent some of the best.

  1. Tax Tips for Freelancers: This article from About.com discusses Schedule C and some of the expenses you need to track.
  2. Freelancer Tax Insights: Learn about depreciation and expenses in this helpful dialogue.
  3. Tax Tips for Freelance Writers: This discussion covers self employment taxes, deductions, and more.
  4. Freelance Tax FAQ: The Anti 9-to-5 Guide discusses deductions and more in this simple question-and-answer session.
  5. Working at Home: Kiplinger offers tax advice for freelancers and independent contractors that work at home.
  6. Freelance Tax Tips: This former CPA goes over the basics of income, deductions, and how to pay taxes.
  7. Is it Time to Upgrade Your Accounting Software?: Find out if you need to step up your software to meet your needs.
  8. 7 Things That Every Blogger Should Know About Tax: TaxGirl discusses important tax issues for bloggers that apply to nearly every freelancer.
  9. Tax Tips for Freelancers, Contractors, and Consultants: Find great ways to save on your taxes in this article.
  10. Business or Hobby? Answer Has Tax Implications: Learn about the difference between a business and a hobby, and how it affects your taxes.
  11. Planning for e-business: Don’t Forget the Financials!: This article discusses things freelancers need to know when working online.
  12. Tax Rules for Your Side Business: This article covers issues that freelancing moonlighters face.
  13. 9 Ways to Get Your Tax Return Noticed by the IRS (and that’s not a good thing): TaxGirl discusses the many ways you can get red-flagged by the IRS, and why you should avoid doing so.
  14. The Self-Employment Tax: Learn about self employment tax and estimated taxes in this article.

Accountant Advice

If you’re going to bring in a professional, check out this advice first.

  1. What’s a Reasonable Price to Pay for Having My Taxes Prepared?: This article offers a good accountant pricing guide to get started with.
  2. How to Find a Good Accountant: Get tips for finding an accountant that works for you in this article.
  3. Five Steps to Hiring a Tax Pro: Here’s what to do when it’s time to call in a professional.
  4. Building Your Small Business Accounting Team: Understand whether or not it’s necessary to hire a financial professional with this article.
  5. Tax Pros Give Bad Advice: June Walker advises self-employed taxpayers to be wary of advice from inept CPAs.

Documentation Details

Get details about keeping your papers and forms in order from these articles.

  1. What Kind of Records Should I Keep?: The IRS goes over guidelines for saving documents.
  2. Use one debit card: Lifeclever offers a useful tip to keep track of expenses.
  3. Schedule C-Reporting Business Income and Deductions: Learn about filling out the Schedule C form in this article.
  4. 8 Reasons to Ditch Your Shoebox Accounting System: The shoebox method of accounting is bad for business, and this article explains why.
  5. Freelancers, Meet Schedule C: Kipliner offers a guide to Schedule C, Schedule SE, and some ideas for lowering what you owe.
  6. Keeping Good Tax Records: Follow this guide to record-keeping, and tax time will be much easier.

Deductions

The silver lining to every freelancer’s taxes is a great opportunity for deductions. Make the most out of this opportunity by taking advice from these people.

  1. 46 Tax Deductions that Bloggers Often Overlook: Tax Girl goes over a number of deductions that bloggers and other freelancers have an opportunity to make, but often don’t think about.
  2. Can You Take a Home Office Deduction?: Freelancers who work out of their homes should pay special attention to this piece of advice.
  3. 20 Tax Deductions for Freelancers: This list goes over a number of deductions freelancers can make, including magazine subscriptions, health care, and bank fees.
  4. Convert equipment and supplies from personal to business use: June Walker discusses how you can calculate equiment deductions for materials that used to be personal.
  5. Tax Deductions A to Z for Freelance and Contract Workers: This CPA-authored book goes over relevant tax deductions for freelancers.
  6. IRS Business Expenses: Check out this guide from the IRS to better understand deductible business expenses.

Support

Get help understanding your taxes from these professionals and tax support communities.

  1. Tax Forum: Check out Tax Forum for advice from tax professionals and other freelancers.
  2. TaxGirl: This blogger offers general tax advice and answers specific questions from readers.
  3. Don’t Mess With Taxes: Texas journalist Kay Bell discusses ways to make taxes less troublesome, and even offers a handy tax calendar.
  4. IRS Small Business: Believe it or not, the IRS wants to make it easy for you to pay your taxes. Check out their small business section for guidance.
  5. June Walker: June Walker has been a tax advisor to the self employed for almost 30 years, and she’s got a wealth of information in her blog. You can also ask her a specific question.
  6. TaxHelpOnline: Get help from a tax expert on TaxHelpOnline.
  7. Fun With Taxes: Gail Perry’s Fun With Taxes offers loads of support and tools for freelance taxpayers.
  8. IRS: Free Tax Help Available: The IRS offers a number of ways to get free tax assistance, and the methods of contact are listed here.

Tools

These items come in handy during tax time and beyond.

  1. Turbo Tax: A perennial favorite, TurboTax prepares tax documents for you as you answer easy questions.
  2. H&R Block Deduction Finder: This tool from H&R Block makes it easy to find deductions related to your occupation.
  3. TaxACT: With TaxACT, you can prepare a free simple tax return, and if you want more help, their upgrade options are affordable.
  4. H&R Block TaxCut: Follow the interview in this software, and you’ll find deductions that help you get the maximum refund you deserve.
  5. TaxACT Tax Calendar: TaxACT’s calendar breaks down important dates by both month and taxpayer type.
  6. Valuation Table: This table offers low and high end valuations for commonly donated and deducted items.
  7. H&R Block Tax Tools and Calculators: Check out this calculator from H&R Block to estimate your taxes for the year.
  8. EFTPS: Enroll in this system, and you can pay your tax bill electronically.
  9. TaxBrain: TaxBrain offers web-based tax returns.
  10. Guide to Tax Tools and Calculators for Small Business: This guide offers advice and tools for freelance and small business tax payers.
  11. Tax Terms Glossary: If you’re confused by tax vocabulary, this glossary will help you understand.


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1 Comment »

  1. Wow, that’s a lot of great information! Thanks for sharing it. I plan to include your article in my weekly carnival review this Friday.

    Best Wishes,
    D4L

    Comment by Dividends4Life — January 22, 2008 @ 2:01 am

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