So, did you survive tax season?
This post is brought to you in collaboration with Intuit QuickBooks and #WeAllGrow Latina Network; however, all opinions are my own. Can you believe we’re in April already? It feels like I quit my day job yesterday but it’s actually been five months. Working for myself full-time (for the first time) is going well for the most part.
This time of year, however, is always stressful - especially for freelancers and business owners like me because of tax season. But nowadays there are so many tax tools to help me stay organized. (I did lose two of my 1099s and had to contact my clients to send me another copy- but that's another story.)
To make next year’s tax season run smoother, I recently started using Intuit QuickBooks to help me keep track of invoicing and get tips for the self-employed especially when it comes to tax deductions. Their QuickBooks Resource Center has free resources for starting, running and growing your business.
Intuit QuickBooks Resource Center
When I first started sending invoices for my small online business, I used to create an entire new template or document for each invoice using Microsoft Word. (Crazy, right?!) Entering new or sometimes the same client’s name over and over again on a blank document was time consuming. It took me a while to finally create an easy-to-use template.
You can get a free template with the QuickBooks Resource Center; they offer a free invoice template tool, and guides/articles on strategies to get your invoices and bills paid faster, so you can keep your cash flow steady.
And to really keep track of everything, QuickBooks Online is perfect for independent contractors (freelancers) and small businesses. The service helps businesses get paid two times faster. It allows you to send invoices, accept payments, track income, organize expenses, manage bills, track miles, time, and inventory, pay employees and lots more. They really made an effort to help independent contractors stay on top of the game with helpful articles like how to follow up when a client doesn’t pay an invoice .
Looking at my portfolio in my Be Chic Mag studios
Throughout the years I've bought many cameras, microphones and lighting equipment in order to create original content for myself and clients. (It gets pretty expensive!) So when you work for yourself it’s super important to also keep track of your expenses.
Independent contractors and small businesses like me can claim a couple of items as deductions in time for tax season. Intuit QuickBooks offers a free list of 10 Tax Deductions Every Freelancer Needs to Know. Some of those items include travel and hotel, home office, software, mileage and gas among others. One deduction I was surprised to see was “unpaid invoices.” I had no idea! Apparently the IRS allows self-employed persons to deduct unpaid invoices as a loss for their businesses. Who knew?
But if there's a complimentary service I really appreciate is their Free Self Employment Tax Calculator. (Yaaass! This is very helpful because it estimates how much you will owe in time for tax season.)
I wish I would've known much of what I know now when I first started my business. Working on this post I learned that QuickBooks users save an average of 11 hours per month and many customers find an average of $4340 at tax time by linking expenses and receipts on their phone.
Hope you found this post helpful. - Mercedes
This is a sponsored conversation written by me on behalf of Intuit QuickBooks and #WeAllGrow Latina Network. The opinions and text are all mine.