Tax time. Ugh.
Whether you’re fully self-employed or have only earned a few hundred dollars from freelancing, you are expected to claim that income on your taxes.
Taxes are complicated enough, but once you add the self-employed element it goes to a whole new level. If you’ve never filed your taxes as a freelancer before, it can be hard to know where to start.
Luckily, there are a lot of great resources out there to help.
Tax rules vary based on where you live, so use these resources as a starting point to determine what you need to prepare, what you can claim (like your phone, internet, office supplies and travel expenses), and what the process looks like for you.
And keep in mind that with so many people working from home since the pandemic began, there might be new rules about what you’re allowed to claim. This could make it even easier for you to claim home office expenses this year, so be sure to look into it to find out if you qualify.
Tax Resources For Freelancers
For my Canadian friends, check out this Canadian resource to help you deal with the CRA. This site offers a ton of courses on managing personal finance for employees and freelancers alike. There is even a free Tax Prep Party course!
The Freelancers Union exists to help independent workers through advocacy, community and education. They help freelancers get access to benefits and insurance, and have a ton of resources to navigate legal and financial needs.
Check out their tax resources page.
Guide to Freelance Taxes
Be sure to keep in mind that regulations are different everywhere. Find out the specifics for your country and state/province, and if you have any questions contact an accountant.
Filing taxes as a freelancer can be a complicated process, but with the right resources you can make it as painless as possible.