- Tax season could be a bear for freelancers if they do not have their bills in verify.
- A freelancer who’s been at it for some time shares her favorites for staying on high of every part.
- These embrace NoRecibo, a receipt app, and MileIQ for monitoring miles pushed for work.
Tax season could be a actual bear for freelancers. If you have not been paying your quarterlies, keeping up on expenses, and saving receipts, you may be in for a impolite awakening come tax time — often within the type of hefty charges and some huge cash owed to the IRS.
It is occurred to me earlier than: One yr, earlier than I employed my accountant, I owed a whopping $7,000.
Fortunately, you do not have to sort out this all by yourself.
I have been a freelancer for 15 years, the vast majority of these years full time. All through my tenure, I’ve found some helpful apps and instruments for streamlining my taxes. Listed here are a few of my favorites.
NoRecibo — free
As a journey author, I’ve a whole lot of receipts to keep up — one for each buy I make whereas on the street, and others for parking on the airport, public transportation, coffees with vacation spot representatives, and extra.
I discovered NoRecibo after my previous receipts app crashed and misplaced six months’ price of bills. With NoRecibo, all you need to do is take a photograph of your receipt, and the app inputs the quantity paid and categorizes it robotically.
Plus, when you have digital receipts, you may ahead them to a devoted electronic mail, and the app processes digital receipts the identical method. Then, with simply two faucets, you may compile a whole report of your receipts to ship proper to your accountant.
MileIQ — free for 40 drives or $60 a yr for limitless
Does your job require you to drive loads? Ensure you’re maintaining monitor of that mileage to say in your taxes. The IRS reimburses 58.5 cents per mile pushed for enterprise functions — so if you happen to’re doing a whole lot of driving and never monitoring it, you are lacking out on a serious deduction.
MileIQ tracks it robotically for you, operating within the background in your cellphone and utilizing GPS indicators to ensure it logs your miles precisely.
It is good for me as a result of virtually each time I am within the automobile, I am driving someplace for work — both to satisfy a vacation spot consultant, go to a spot I am writing about, or go to and from the airport. Come tax time, you may simply compile a report of each journey you took and your full mileage and have it able to go for the IRS’ watchdogs.
Scantastic — free
I discovered my superb accountant greater than 5 years in the past, and I’ll by no means use one other one.
The issue is, I dwell in Illinois and he works in Wisconsin. (He is licensed in each states, fortunately.) Which means if I need to file my taxes in individual, I must make an hour and a half haul as much as Milwaukee — which I do not need to do.
Scantastic permits me the liberty to ship my accountant all my paperwork from my house workplace. I can scan every part he wants with simply the digital camera on my cellphone, and it saves them as PDFs. I also can signal paperwork with it. No in-person visits, no issues.
IRS2Go — free
That is proper — the IRS has its personal app known as IRS2Go.
It is really fairly useful. After your taxes are finished and dusted, you are able to do what I do with the app and monitor your refund standing (since you’ll lastly have one since you have been utilizing every part else on this checklist), make funds if you must, and get linked to certified tax assistants and counselors if vital. A lot simpler than attempting to attend on maintain with the IRS places of work themselves!