Happy Income Tax Day everyone! After 8 years of filing as a sole proprietorship, two accountants and a bit of my own research I've learned a lot about income taxes. Of course there were a few missteps along the way, but I think I'm finally at a point where April 15th isn't the yearly nightmare it once was. I mean it's never a good day, but at least now I've learned to manage my estimations, deductions and earnings much better.
My new accountant has many creative freelancers as clients, and even works with a few promotional agencies in the area. The accountant I had previously wasn't as versed with deductions and classifications which cost me a lot of money over the years. Taking full advantage of your available deductions is critical, and having an accountant who knows exactly what those deductions are is even more so.
For instance, what are the pros and cons of writing off a home office? Which is better, writing off your milage, or your vehicle and it's maintenance? Is it better to amortize computer hardware, or write it off for the current year? Lot's of complicated questions that need accurate answers. Hopefully your accountant knows his/her stuff. If not, send me an email and I'll hook you up with one who does.
Slim
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