Taxes For Influencers! 5 Must-Know Tips To Make Life Easier
As an influencer, content creator, or freelancer, you're probably always on the go - and the last thing you want to think about is taxes. But whether you like it or not, tax season comes around every year, and it's important to be prepared. Here are five must-know tips to make life easier when tax time rolls around.
Know what business expenses are tax-deductible - this can save you a lot of money at the end of the year
Did you know that certain business expenses can be tax-deductible? For small business owners, paying taxes is a necessary evil but there are ways to minimize what you pay come April. Knowing which expenses are deductible can make all the difference when it comes time for Tax Day. Common deductions include start-up costs, equipment and supplies, office rent, home office expenses, employee salaries and benefits, business travel, professional services (for website or accounting)(and more).
Be sure to research and stay up-to-date on the latest deductions to ensure that you're taking advantage of all of your options - this can save you tons at the end of the year!
Keep track of your mileage - if you're driving for work, you can deduct the miles on your taxes
As a boss babe, it's important to keep track of your mileage! Whether you're a freelancer, small business owner, or corporate climber - if you are driving for work-related tasks such as client visits or business errands, the costs of those miles can add up quickly. Fortunately, you can deduct those miles on your taxes and set yourself up for deductions at the end of the year. Storing receipts and tracking mileage is a good habit to have even if that money won't be refunded right away - it'll just make everything easier come tax season!
Save receipts for everything - from meals to travel to office supplies, everything adds up and can be deducted on your taxes
When it comes to taxes, savvy savers know that holding onto your receipts can be a game changer! Every little expense you incur throughout the year - from business lunches, to hotel stays while on business trips, to office supplies and more - adds up quickly and can often be claimed as deductions.
Extracting every bit of value out of the work you do is essential for any financial plan, so make sure that when you're out and about running errands or conducting business, remember to take pictures of your receipts or securely store them in a designated folder. As an extra bonus, this will also help with budgeting and keeping track of where your money is going!
Stay organized - the more organized you are, the easier it will be to do your taxes each year
Staying glowing organized is key if you want to do your taxes easily and quickly each year. Making sure that all of your financial records and documents are stocked in one place will make preparing for filing taxes straightforward. With the right organization techniques, you'll be able to avoid missing important information and save time during tax season. Taking a few moments now to organize yourself properly can cause a world of difference when it comes time to actually doing your taxes.
Hire a professional - if you're not comfortable doing your own taxes, it's worth it to hire someone who knows what they're doing
If you're overwhelmed by tax season and worried about making errors, then it may be worth it to hire a professional to take care of the job. With the right person on your side, complicated calculations, unfamiliar terminology and ever-changing IRS legislation won't seem so frightening. Since you'll have peace of mind knowing that your return is in experienced hands, you can move on with your life without stressing over filing taxes. In the end, hiring a pro can give you immense value in terms of accuracy and save you lots of money versus having to pay expensive penalties or interest fees imposed by the IRS.
