It’s tax season again, which might be daunting—especially for small business owners and self-employed individuals. With the help of a few Collectively Community members (and their informative posts from our QuickBooks and TurboTax collaborations), we’ve pulled together a few tips for de-stressing the season. Being business-savvy isn’t always easy, so this advice can help you start planning for a seamless tax season, now and for years to come.
1. DIY (With a Little Help)
Filing your own taxes may sound impossible, but it’s totally doable—especially when you have the right tools to help. Hailey Andresen, a self-confessed “control freak,” uses TurboTax to manage her taxes and relies on QuickBooks Self-Employed throughout the year to keep her business organized. Check out Hailey’s tips.
2. Start Early
The Kentucky Gent makes being your own self-made boss look easy! His advice? “Knock your taxes out before you have a chance to put them off.” Elana, self-employed owner of ElanaLyn.com also agrees that getting on top of it at the beginning will help avoid last-minute stresses. The key to success is staying organized throughout the year, so you’re not scrambling at the last minute, which brings us to our final point!
3. Stay Organized
Here’s the main point for self-employed influencers: track your income and anticipated payout dates from each brand and third-party network with whom you work. Amanda, from Advice From a Twenty-Something, has 2+ years of full-time blogging under her belt and has learned that being prepared for tax season means tracking all activities with an eagle eye. Lifestyle influencer and photographer Dawn Darnell suggests separating business and personal accounts and being diligent about saving important documents, like invoices, contracts, and expense receipts.
Here’s a bonus read from our friends at My Haute Society to help you get motivated and feel empowered about doing your taxes this year.
Have any tax tips of your own to share? Comment below!