Freelance Artist Tax Preparation Tips
Tuesday, February 17th, 2009
When you’re starting out as a freelance artist, you might need to rethink how you handle your finances. By following a few basic tips, it will ease the stress of tax season and help you to feel more organized and in control of your funds.
When you start your new business:
1. Open up a separate bank account for business earnings. This will help you to keep track of what you’re making as a freelancer.
2. Make sure to set aside a regular percentage of state and federal taxes and don’t use it for anything else!
3. Open up a business credit card that you use for all of you business expenses and pay it out of your business bank account.
If you stay organized it makes tax preparation much easier. Don’t forget to take advantage of “write-offs” if you’re working from home. We’ll provide more tips on work at home write-offs in upcoming posts.
When you’re starting out as a freelance artist, you might need to rethink how you handle your finances. By following a few basic tips, it will ease the stress of tax season and help you to feel more organized and in control of your funds.
When you start your new business:
1. Open up a separate bank account for business earnings. This will help you to keep track of what you’re making as a freelancer.
2. Make sure to set aside a regular percentage of state and federal taxes and don’t use it for anything else!
3. Open up a business credit card that you use for all of you business expenses and pay it out of your business bank account.
If you stay organized it makes tax preparation much easier. Don’t forget to take advantage of “write-offs” if you’re working from home. We’ll provide more tips on work at home write-offs in upcoming posts.
