As a freelancer, where should you begin when it comes to lodging your tax paperwork? And how can you better prepare for the year ahead to stay on top of those tax-time headaches?
Join Gene and Elizabeth in this episode of Xero Gravity as they chat with David Emmerman, Partner at Emmerman, Boyle & Associates LLC, and Rafael Alvarez, CEO and founder at Atax, about surviving tax season with your bank balance – and your sanity – in check.
“The biggest headache for tax preparation is receipts. Many freelancers have no organization whatsoever. They come in to get their taxes done with bags full of receipts. There’s no system to keep track of their income and expenses.”
– Rafael Alvarez
“The freelance and subcontracting markets tend to be areas that do not necessarily withhold enough money throughout the year to be prepared for their tax liability at the end of the year or even quarterly. So it’s very difficult for folks sometimes to be able to manage their cash flow throughout the year.”
– David Emmerman
Xero TaxTouch is a new mobile app that makes tracking expenses for freelancers easier. It’s designed specifically for self-employed individuals like rideshare drivers, consultants, dog walkers and fitness instructors. Users can separate business expenses from personal by swiping right for business or left for personal. Freelancers can get more money in their pockets by categorizing business expenses they may not know are tax-deductible.
Tune in to find out more.
Small Business Resources:
- TaxTouch
- 5 things freelancers need to know about filing their taxes – by Elizabeth Ü
- Bookkeeping for freelancers – Small Business Guide
If you loved this episode, join us for next week’s episode with Rand Fishkin from Moz.com on SEO for small business and why it matters.
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What would you like to hear?
Got a topic you’d like to hear discussed? Or a business expert you admire and would like to hear from? Let us know in the comments below!
