Dio Perez, Design & Illustration
  • HOME
  • ☕ Mugs
  • INVITATIONS
  • FEATURED PRODUCTS
  • The SVG Club
  • VIP
  • BLOG

5 Tax Time Tips for Creative Solopreneurs

4/14/2018

1 Comment

 
Picture
I'm such a procrastinator when it comes to filing my taxes. Mostly because I'm a full-time employee with a side gig so at the end of the year I have a lot receipts to add up to enter all my deductions. I used to be HORRIBLE at keeping organized but along the years I've discovered ways to make the process a lot less painful, thanks to technology. If you're not a numbers person and are having a hard time like I did, here are a few tips to help you stay on track. 
  1. Use one credit card or bank card for all your business transactions. 
    I didn't do this at first. I get 1.5% back on my personal credit card, so I used to charge a lot of business expenses to it in order to get cash back. But keeping a separate business bank account and only using your banks debit/credit card for all of your business transactions makes the process a lot easier. You'll have access to all of your expenses in one place
  2. Use the QuickBooks Self Employed app
    This has been a Godsend for me! It's linked to my business account and after every transaction I get a notification to review the transaction on the app. When reviewing, it gives me the option to categorize that transaction as: income, software, transaction processing fees, etc. The best part, I can "work" during my downtime. I often review them while I'm in bed at the end of the day, or in the afternoons while waiting for the barista to hand me my mid-day latte, or even at the dealership while my car is being serviced. It's sooo insanely easy and it doesn't even feel like work. 
  3. Use a mile tracker
    I don't mean to sound like an ad for QuickBooks Self Employed (trust me, this isn't a paid advertisement) but I like that it has a feature that tracks your miles. I actually turned off the feature because I don't travel much for my lettering side gig. I do it all from the comfort of my own couch, so rather than having the app alert me to review each trip, I turned off the feature on the app and I created a Google spread sheet instead. I'll make sure to share my template on here shortly...after I finish my taxes of course! Cause it's April 14 and that's what I'm supposed to be working on today, instead of blogging. Yikes! 
  4. Use spreadsheets
    If you don't want to invest in QuickBooks, I strongly recommend using a Google spreadsheet to keep track of all your income and expenses. You really don't need anything fancy, just a place to list and ad. The only reason why gravitated towards QB is because of the convenience. I know I'm not disciplined enough to enter every transaction into my spreadsheet on my own. However, you could set a reminder on your phone every couple of days and schedule time to enter your transactions. In a perfect world, that would totally work. In MY world, I'd be all "yeah, but let me check my Instagram first" and I'd find myself crying on April 15th once again lamenting the fact that I ignored all those reminders. But not you, of course. You are much more mature and disciplined than me! ;-)
  5. Keep all your receipts in a binder
    I keep my binder at work 'cause that's where I"m at all day. If my receipt is 8.5x11 in size, I just use my 3-hole punch to puncture the receipt and file it in my binder. For smaller receipts, I use scrap paper from the office, like old proofs or extra copies that should be thrown into the recycle bin. I punch holes in them and keep them in my binder and when I get a new receipt like the ones from all pen purchases at Michael's Arts & Crafts store, I just tape the receipt onto the scrap paper. 
Hope this helps! Do you have any super duper tax time strategies for staying organized? IF so, let me know in the comments below. I'd love to hear about it. 


1 Comment
Escort Clovis link
10/14/2024 08:23:25 pm

Great post, thank you

Reply



Leave a Reply.

    Hi - I'm Dio!

    Picture


    Graphic Designer &
    ​Spanglish Lettering Artist

    Buy Me a Coffee at ko-fi.com

    Topics

    All
    Beauty
    Crafting & DIY
    Creative Business
    Digital Files
    Doodles & Lettering
    Freebies
    Graphic Design
    Monday Hues
    Mug Life
    New Products
    Party Supplies
    Spanglish
    Stationery
    Stickers
    T Shirts
    Tutorials


    My Shops

    Picture
    Picture

    *Affiliate Links

    I am often asked what tools I use to create my work, so I’ve incorporated Amazon affiliate links in my posts to products I like, use and recommend. This means that if you click and make a purchase, I will earn a small commission paid for by Amazon, not the customer.  
    Please note that anything marked with an asterisk (*) indicates an affiliate link.

    Resources*

    List of products I use & trust:
    Custom Stickers, Die Cut Stickers, Bumper Stickers - Sticker Mule
    Picture
    Picture
    Picture
    Picture
    Picture

    E-Courses

    Picture
    Picture
© 2018-2025 Copyright, Dioscelina Perez
​42222 Rancho Las Palmas Drive #264, Rancho Mirage, CA 92270

SHOP POLICIES
Proudly powered by Weebly
  • HOME
  • ☕ Mugs
  • INVITATIONS
  • FEATURED PRODUCTS
  • The SVG Club
  • VIP
  • BLOG