*I am in no way telling you what you should and shouldn’t do when it comes to your taxes. I’m just sharing how I plan to stay organized in the hopes that it helps you too!
2016 was the year that I started working from home, so filing my taxes this year is sure to be a learning experience! I’ve been reading books about self-employed taxes and let me tell ya, things can get confusing!
But if you’re making income from your blog, it’s a good idea to get organized and prepared for tax season before you get too far into the new year. When you’re working for an employer, it’s simple to fill out a form and let your employer do the icky stuff – but when you work from home, you’re your own boss.
But being organized and prepared can make the whole process so much easier! So here are some of the organization tips I’ve learned for when tax time rolls around. I hope you find them helpful as well!If you make an income from your #blog, you need these tax organization tips! Click To Tweet
1- Track your income all year round.
It’s a good idea to have a separate checking account for your business income and expenses, but it’s not necessary. To make things easier though, you should try to keep track of exactly how much money you make so you’re prepared when tax season comes.
I made a printable income (and expense) tracker that helps me keep track of my monthly income and if you sign up for my newsletter below, you can print it off and use it too!
2- Track your expenses all year round.
For the same reason as above, it’s a good idea to keep track of your expenses each month too! You’ll want to know exactly how much money you’ve spent on your blog/biz. So don’t forget to download my printable income and expense tracker by entering your email above!
3- Be aware of what’s deductible and what’s not.
I was pretty surprised that so many things that you pay for as a blogger were deductible. Like library book fees (when you’re reading about things that will help your business!) and printer ink and WordPress themes. Maybe it’s just me, but I had no idea that those things were deductible. So if you’re someone who puts a lot of money into your blog/biz, you’ll want to be aware of these things.
If you want a big list of 101 tax deductions for bloggers and freelancers, click here.
4- Keep your receipts (and keep them organized).
I don’t know about you, but I have a problem with making sure that I keep receipts – and keep them organized. You don’t have to do anything fancy, just something functional. So I’ll be keeping these dated envelopes to make sure that all of my receipts are organized and in one place.
This is important because if you’re ever audited, you’re going to want to have these receipts to show what you’ve spent on your blog. So every time I pay for a blog-related expense, I’m going to make sure that I put the receipts in the right envelope right away.
5- Use TaxSlayer to make the process easier!
TaxSlayer has over 50 years of tax preparation experience so it’s safe to say that they know exactly what they’re doing! They’re simple, affordable, and transparent so you know exactly what you’re getting. In fact, you choose your level of service; everything else is included.
And if you’re like me, working on blog-related stuff late into the night sometimes (and new to this whole self-employed tax thing) never fear! TaxSlayer offers free live phone and email support to their customers. So there’s always someone there to help you if you need it. TaxSlayer is literally the total package.
File now at TaxSlayer.com!
I was selected for this opportunity as a member of CLEVER and the content and opinions expressed here are all my own.