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Don't Fear Tax Time
Tax season is here and I know you're excited about it. Yesterday, my wife and I had our appointment with our CPA to prepare our taxes and let me tell you, if you get nothing else out of this, know that the key to success when it comes to filing your taxes is to be prepared. Imagine that. Well, not even imagine. Do this. You should prepare all year for tax season. Have systems in place that keep you organized. This will ensure that as you're taking care of your daily tasks, you’re also tracking your income & expenses.
"Being prepared is the most important thing to do when it comes to taxes." - Tom
Track your Cash Flow
When it comes to revenue tracking, I use a cash flow tracking spreadsheet. By using this, I've got a pretty good idea of exactly how many 1099 and how many W-2s to expect.
1099 vs. W2
A 1099 is non-employment compensation. That's the one that most of us get at the end of the year from our voice over clients. All United States clients should send you a 1099 f you earn $600 or more. If it's international client, they're not going to send you a 1099.
A W-2 is employment compensation. If you have a gig where there is tax withholding involved , they're going to send you a W-2. Sometimes they have to hire you to get you into their payroll system, which often means there is withholding. In this case, you should get a W-2 at the end of the year.
Hire a Professional
There are lots of ways to learn on your own, but the best way to ensure your taxes are done properly is to involve a living, breathing CPA. If you're a voice actor, you can just always just figure it out on your own. Make sure that you report all your income & expenses properly so you can, hopefully, get as much money back as possible without breaking the law.
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Make Taxes Less Taxing
Nervous about tax time? Don’t be! I'll takes you through the basics of understanding incorporation, how to prepare for your CPA, what you can and can’t write off, plus tips & tricks to help you track your revenue and expenses throughout the year to make tax day easier…
How do you handle tax season?
I work with a trusted professional.
I do them myself! DIY for the win.
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He's the VO Strategist, a voice over business & marketing coach and demo producer since 2011. Tom Dheere is also a voice actor with over 25 years of experience who has narrated just about every type of voiceover you can think of. When not voicing or talking about voicing, Tom produces the sci-fi comic book Agent 1.22.