{"id":22775,"date":"2014-12-19T18:01:37","date_gmt":"2014-12-19T10:01:37","guid":{"rendered":"https:\/\/www.hongkiat.com\/blog\/?p=22775"},"modified":"2021-12-02T21:29:35","modified_gmt":"2021-12-02T13:29:35","slug":"freelancers-tax-tips","status":"publish","type":"post","link":"https:\/\/www.hongkiat.com\/blog\/freelancers-tax-tips\/","title":{"rendered":"5 End-of-Year Tax Tips for Freelancers"},"content":{"rendered":"<p>We\u2019re not sure how it happened, but it\u2019s already the end of the year. <strong>If you\u2019re like most <a target=\"_blank\" href=\"https:\/\/www.hongkiat.com\/blog\/category\/freelance\/\" rel=\"noopener\">freelancers<\/a>, you\u2019ve probably avoided thinking about your taxes until now<\/strong>. Actually, you\u2019d probably <em>still<\/em> like to avoid thinking about them. But just a little bit of effort now will make a world of difference come Tax Day.<\/p>\n<p>Here\u2019s a short and quick reminder of some of the things you should think about before the end of the year to prepare for tax season. And trust us when we say, some of them <strong>can\u2019t wait until next year<\/strong>.<\/p>\n<div class=\"ref-block ref-block--post\" id=\"ref-post-1\">\n\t\t\t\t\t<a href=\"https:\/\/www.hongkiat.com\/blog\/build-passive-income-designers\/\" class=\"ref-block__link\" title=\"Read More: 5 Ways to Make Passive Income For Freelance Designers\" rel=\"bookmark\"><span class=\"screen-reader-text\">5 Ways to Make Passive Income For Freelance Designers<\/span><\/a>\n<div class=\"ref-block__thumbnail img-thumb img-thumb--jumbo\" data-img='{ \"src\" : \"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/build-passive-income-designers.jpg\" }'>\n\t\t\t\t\t\t\t<noscript>\n<style>.no-js #ref-block-post-16691 .ref-block__thumbnail { background-image: url(\"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/build-passive-income-designers.jpg\"); }<\/style>\n<\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"ref-block__summary\">\n<h4 class=\"ref-title\">5 Ways to Make Passive Income For Freelance Designers<\/h4>\n<p class=\"ref-description\">\n\t\t\t\t\t\tLearn how designers can build passive income streams and earn money while they sleep. Tips, ideas, and strategies...\t\t\t\t\t\t<span>Read more<\/span><\/p>\n<\/div>\n<\/div>\n<h2>1. Get Organized Now<\/h2>\n<p>The most important thing you can do when it comes to your taxes is stay ahead of the game. Ideally, you\u2019ve been using <strong>some sort of system for keeping track<\/strong> of invoices and expenses. If not, it\u2019s time to start compiling all of those loose documents.<\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/freelancers-tax-tips\/organize-finances.jpg\" alt=\"organize-finances\" width=\"800\" height=\"640\"><\/figure>\n<p>That bucket of receipts you\u2019ve been keeping under your desk? Start digging through that thing to find any items you can write off.<\/p>\n<div class=\"ref-block ref-block--post\" id=\"ref-post-2\">\n\t\t\t\t\t<a href=\"https:\/\/www.hongkiat.com\/blog\/digital-decluttering-tips\/\" class=\"ref-block__link\" title=\"Read More: 28 Tips for Digital Decluttering and Organization\" rel=\"bookmark\"><span class=\"screen-reader-text\">28 Tips for Digital Decluttering and Organization<\/span><\/a>\n<div class=\"ref-block__thumbnail img-thumb img-thumb--jumbo\" data-img='{ \"src\" : \"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/digital-decluttering-tips.jpg\" }'>\n\t\t\t\t\t\t\t<noscript>\n<style>.no-js #ref-block-post-29939 .ref-block__thumbnail { background-image: url(\"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/digital-decluttering-tips.jpg\"); }<\/style>\n<\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"ref-block__summary\">\n<h4 class=\"ref-title\">28 Tips for Digital Decluttering and Organization<\/h4>\n<p class=\"ref-description\">\n\t\t\t\t\t\tMost of us spend a lot of time in digital spaces inside our computers and mobiles, and just...\t\t\t\t\t\t<span>Read more<\/span><\/p>\n<\/div>\n<\/div>\n<p>Here\u2019s a list of some common write-offs for freelancers:<\/p>\n<ul>\n<li>Equipment<\/li>\n<li>Software<\/li>\n<li>Office supplies<\/li>\n<li>Books, magazines, reference materials<\/li>\n<li>Telephone and Internet expenses<\/li>\n<li>Travel<\/li>\n<li>Cab, subway, and bus fares<\/li>\n<li>Business meals and entertainment<\/li>\n<li>Office rent<\/li>\n<li>Gas and electric<\/li>\n<li>Legal and professional fees<\/li>\n<li>Promotion<\/li>\n<li>Memberships (professional organizations)<\/li>\n<li>Messengers, private mail carriers, postage<\/li>\n<li>Business insurance<\/li>\n<li>Tax preparation<\/li>\n<li>Business loan interest<\/li>\n<li>Taxes and permits<\/li>\n<li>Home office (see Tip #5)<\/li>\n<\/ul>\n<h2>2. <em>Stay<\/em> Organized<\/h2>\n<p>As a freelancer, it\u2019s important to not only get your records organized, but to <em>keep<\/em> them organized into the future. According to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.forbes.com\/advisor\/taxes\/6-deductions-to-reduce-your-taxes-if-you-are-self-employed\/\">CPA Jonathan Medows<\/a>, freelancers are <strong>always at a high risk of audit<\/strong>. He suggests keeping detailed records of your income and expenses for at least six years (three years longer than what the IRS recommends).<\/p>\n<p>\u201cIf you are audited, the government will insist on seeing receipts,\u201d he says. \u201cPeople think that having a credit card statement is enough, but it\u2019s not. If you buy something from Amazon, the government wants to know that they are surge protectors for your office \u2013 not toys for your kids.\u201d<\/p>\n<h2>3. Defer Income if You Need To<\/h2>\n<p>If you\u2019re already worried about being able to pay taxes on this year\u2019s income (you\u2019ve been setting aside 25 percent, <em>right<\/em>?), you might consider <strong>waiting to send invoices<\/strong> on the work you\u2019re doing right now.<\/p>\n<p>Hold off until mid-December and you most likely won\u2019t get paid until January, meaning that\u2019s income you won\u2019t have to pay taxes on until 2016<em>, <\/em>giving you a little more time to catch up on <strong>how much money you <em>should<\/em> have been putting away<\/strong> for taxes.<\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/freelancers-tax-tips\/tax-and-invoices.jpg\" alt=\"tax-and-invoices\" width=\"800\" height=\"552\"><\/figure>\n<p>This strategy also works well if you find yourself <strong>right on the edge of jumping into a higher tax bracket<\/strong>. Of course, whether or not you adopt this strategy will depend on what precedent you\u2019ve set in the past \u2013 whether you claim income when payment is received or when services are rendered. Switching now might raise a few flags \u2013 actually, it definitely will.<\/p>\n<div class=\"ref-block ref-block--post\" id=\"ref-post-3\">\n\t\t\t\t\t<a href=\"https:\/\/www.hongkiat.com\/blog\/invoice-freelance-clients-professionally\/\" class=\"ref-block__link\" title=\"Read More: 10 Tips to Invoice Your Clients Professionally\" rel=\"bookmark\"><span class=\"screen-reader-text\">10 Tips to Invoice Your Clients Professionally<\/span><\/a>\n<div class=\"ref-block__thumbnail img-thumb img-thumb--jumbo\" data-img='{ \"src\" : \"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/invoice-freelance-clients-professionally.jpg\" }'>\n\t\t\t\t\t\t\t<noscript>\n<style>.no-js #ref-block-post-10379 .ref-block__thumbnail { background-image: url(\"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/invoice-freelance-clients-professionally.jpg\"); }<\/style>\n<\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"ref-block__summary\">\n<h4 class=\"ref-title\">10 Tips to Invoice Your Clients Professionally<\/h4>\n<p class=\"ref-description\">\n\t\t\t\t\t\tLet's face it - getting paid is great, but invoicing can be a real headache for freelancers, especially...\t\t\t\t\t\t<span>Read more<\/span><\/p>\n<\/div>\n<\/div>\n<h2>4. Grab More Deductions<\/h2>\n<p>Another great way to grab more deductions is to offload as much cash as you can before the end of the year. That scanner\/copier you\u2019ve been thinking about getting? That new Mac Pro? That RED Epic Dragon? Pull the trigger and <strong>get those expenses on your books<\/strong>.<\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/freelancers-tax-tips\/financial-deductions.jpg\" alt=\"financial-deductions\" width=\"800\" height=\"619\"><\/figure>\n<p>There\u2019s no reason to wait until January when the write-off <strong>won\u2019t do you any good for another year<\/strong>.<\/p>\n<h2>5. The Home Office Deduction<\/h2>\n<p>If you use a dedicated area of your home for your business, you can <strong>deduct a portion of your living expenses as a \u201chome office\u201d deduction<\/strong>. The calculation is pretty simple.<\/p>\n<p>Just figure out what percentage your office space is of the total square footage of your home, and then multiply that percentage by the cost of living in your home (mortgage interest, property taxes, utilities, maintenance, etc.). That high rent you\u2019re paying is finally going to pay off.<\/p>\n<div class=\"ref-block ref-block--post\" id=\"ref-post-4\">\n\t\t\t\t\t<a href=\"https:\/\/www.hongkiat.com\/blog\/home-office-tips\/\" class=\"ref-block__link\" title=\"Read More: 8 Tips to Create Productive Home Office\" rel=\"bookmark\"><span class=\"screen-reader-text\">8 Tips to Create Productive Home Office<\/span><\/a>\n<div class=\"ref-block__thumbnail img-thumb img-thumb--jumbo\" data-img='{ \"src\" : \"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/home-office-tips.jpg\" }'>\n\t\t\t\t\t\t\t<noscript>\n<style>.no-js #ref-block-post-16563 .ref-block__thumbnail { background-image: url(\"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/home-office-tips.jpg\"); }<\/style>\n<\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"ref-block__summary\">\n<h4 class=\"ref-title\">8 Tips to Create Productive Home Office<\/h4>\n<p class=\"ref-description\">\n\t\t\t\t\t\tOne of the greatest benefits of a home office is the freedom to decorate and design your workspace...\t\t\t\t\t\t<span>Read more<\/span><\/p>\n<\/div>\n<\/div>\n<p>Use these tips to get yourself in tip-top shape before the end of the year. <strong>Just a little bit of planning and organization is all it takes<\/strong> to keep your taxes from overwhelming you later on. Trust us, you\u2019ll be thanking yourself later.<\/p>","protected":false},"excerpt":{"rendered":"<p>We\u2019re not sure how it happened, but it\u2019s already the end of the year. If you\u2019re like most freelancers, you\u2019ve probably avoided thinking about your taxes until now. Actually, you\u2019d probably still like to avoid thinking about them. But just a little bit of effort now will make a world of difference come Tax Day.&hellip;<\/p>\n","protected":false},"author":567,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3410],"tags":[],"topic":[4523],"class_list":["entry-content","is-maxi"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>5 End-of-Year Tax Tips for Freelancers - Hongkiat<\/title>\n<meta name=\"description\" content=\"We&#039;re not sure how it happened, but it&#039;s already the end of the year. If you&#039;re like most freelancers, you&#039;ve probably avoided thinking about your taxes\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.hongkiat.com\/blog\/freelancers-tax-tips\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 End-of-Year Tax Tips for Freelancers\" \/>\n<meta property=\"og:description\" content=\"We&#039;re not sure how it happened, but it&#039;s already the end of the year. If you&#039;re like most freelancers, you&#039;ve probably avoided thinking about your taxes\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.hongkiat.com\/blog\/freelancers-tax-tips\/\" \/>\n<meta property=\"og:site_name\" content=\"Hongkiat\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/hongkiatcom\" \/>\n<meta property=\"article:published_time\" content=\"2014-12-19T10:01:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-12-02T13:29:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/assets.hongkiat.com\/uploads\/freelancers-tax-tips\/organize-finances.jpg\" \/>\n<meta name=\"author\" content=\"Patrick Dodd\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@hongkiat\" \/>\n<meta name=\"twitter:site\" content=\"@hongkiat\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Patrick Dodd\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/freelancers-tax-tips\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/freelancers-tax-tips\\\/\"},\"author\":{\"name\":\"Patrick Dodd\",\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/#\\\/schema\\\/person\\\/ec24f6a31825a44486deaeb2ceedbf58\"},\"headline\":\"5 End-of-Year Tax Tips for Freelancers\",\"datePublished\":\"2014-12-19T10:01:37+00:00\",\"dateModified\":\"2021-12-02T13:29:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/freelancers-tax-tips\\\/\"},\"wordCount\":736,\"commentCount\":8,\"publisher\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/freelancers-tax-tips\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/assets.hongkiat.com\\\/uploads\\\/freelancers-tax-tips\\\/organize-finances.jpg\",\"articleSection\":[\"Freelance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/freelancers-tax-tips\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/freelancers-tax-tips\\\/\",\"url\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/freelancers-tax-tips\\\/\",\"name\":\"5 End-of-Year Tax Tips for Freelancers - Hongkiat\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/freelancers-tax-tips\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/freelancers-tax-tips\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/assets.hongkiat.com\\\/uploads\\\/freelancers-tax-tips\\\/organize-finances.jpg\",\"datePublished\":\"2014-12-19T10:01:37+00:00\",\"dateModified\":\"2021-12-02T13:29:35+00:00\",\"description\":\"We're not sure how it happened, but it's already the end of the year. 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