If you are like many Americans, in that you make your money by freelance, on the road, or on an irregular schedule, it can be difficult to keep up with the financial aspect of it all. Organization is critical in this regard, because it can be the difference between keeping tabs on your money and wondering where it all goes. If you want to give yourself an edge when it comes to tackling your financial life, in the face of your irregular work life, follow these critical tips.
Hire A Financial Consultant Who Understands Your Line Of Work
There are financial consultants for every facet of life, so if you need some help keeping track of things, hire one who specializes in freelance clients. This way, they can help bring a method to the madness that is your irregular income, to give it a sense of order. The best way to find a financial consultant (such as James Gioia & Company PC) who jibes with your line of work is to speak with someone in your field that you trust. Actors, standup comedians and freelance IT professionals typically will all be able to share ideas and recommendations on financial professionals who understand their work. Reach out to someone who can point you in the direction of a certified consultant that can guide you further.
Scan And Keep Hard Copies Of All Expense Receipts
The better records you maintain, the better chance you will have at properly filing your taxes, documenting your income and managing your budget. You should invest in a quality all-in-one printer, copier and scanner combination that will let you make the most of your records. This way, you can scan a JPEG or PDF file of your hotel receipts, business lunches and any other expenditures. From here, you can keep a hard copy in your filing cabinet and a digital copy on your computer hard drive and in a cloud storage accounts.
Pay Your Taxes On A Quarterly Basis
You can prevent some undue stress by staying on top of your taxes every three months. By paying estimated taxes, you have a better chance of getting a refund, as opposed to owing tax money at the end of the year. Estimated tax payments are due on or close to the 15th of January, April, June and September each tax year. It will also help you to remain mindful of your income, so that you are handling each payment responsibly.
Follow these tips so that your freelance career works for you, rather than against you.Share