{"id":678,"date":"2015-11-23T12:42:02","date_gmt":"2015-11-23T17:42:02","guid":{"rendered":"http:\/\/www.etax.com\/blog\/?p=678"},"modified":"2015-11-19T12:43:22","modified_gmt":"2015-11-19T17:43:22","slug":"freelancing-anwhat-to-expect","status":"publish","type":"post","link":"https:\/\/www.etax.com\/blog\/2015\/11\/23\/freelancing-anwhat-to-expect\/","title":{"rendered":"Freelancing and Your Taxes: What to Expect"},"content":{"rendered":"

Life as a freelancer can be pretty laid-back. You set your own schedule, you control your own work, and you have a lot more freedom \u2013 most of the time. At tax time, being a freelancer can be daunting if you haven\u2019t kept good records or don\u2019t know what to expect. Filing your taxes can be daunting, especially if you didn\u2019t pay your estimated taxes or you lost important receipts. So before you begin your tax return, make sure you\u2019re well prepared for the process.<\/p>\n

Organization is Crucial<\/u><\/strong><\/p>\n

Throughout the year, keeping organized records can make filing your taxes as a freelancer much easier. If you can, eliminate the paper and go digital for keeping track of two important tax factors:<\/p>\n

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  1. Business income: Because many freelancers alter their income on tax returns, the IRS is especially wary. It\u2019s your responsibility to report all of your income, not just those which you received a Form 1099 for, as those are provided for jobs over $600.<\/li>\n
  2. Business expenses: You can deduct certain business related expenses as long as you have the appropriate documentation, including the cost, the date, the purpose of the expense, and who money was paid to. Some deductible expenses include:<\/li>\n<\/ol>\n