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7 Things for Freelancers to Prepare For Tax Season
Manage episode 356592932 series 3437793
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April 18th is rapidly approaching so now is the time to review your 1099s and financial accounts to make filing your taxes as easy as possible.
In this episode, Alex covers 7 things you need to know about filing your taxes as a freelancer or solopreneur to avoid costly surprises and penalties.
In this episode, you’ll also hear:
Why it’s better to review everything vs. rush to file your taxes
Double-checking for commonly missed deductions
How increasing interest rates impact your tax filing
Must-listen moments:
[00:05:12] You may want to take a minute and review all the different sources of where you're getting your income and potentially streamline those down.
[00:08:07] Make sure to proactively bring attention to any major life changes you've had with your tax preparer so that they can best help you.
[00:10:37] The key fact to know here is that while you get no real bonus for overpaying your taxes when they're due, with interest rates having gone up, if you underpay them, the interest you owe in penalty will likely be substantially higher than what you've seen previously.
For more detail on financial topics curated just for freelancers, visit www.freelancefinancefix.com
You’re also invited to connect with me on LinkedIn at https://www.linkedin.com/in/alexmlynch/
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