The Freelancers Union Guide to Taxes by Sara Horowitz

Author:Sara Horowitz
Language: eng
Format: epub
Publisher: Workman Publishing Company

Accounting and bookkeeping basics

Record keeping has two basic components:

1. Accounting books or digital records where you summarize your income and expenses, and

2. What the IRS calls “supporting documents” (examples: receipts, deposit slips, invoices, canceled checks, bills you’ve paid, et cetera) that provide the data for your books and support your tax claims.

Maintaining both has two components:

1. A system for updating your books during the current tax year, and

2. A system for filing and storing everything safely year by year, usually organizing the supporting documents by type.

Many freelancers have more than one business—graphic artist Monday through Friday, jewelry maker and street fair exhibitor on weekends. If you do, you need to keep entirely separate accounting for each business.

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