SPONSORED: Record keeping is an important part of being a successful freelancer.
Doing freelance worker has its rewards as well as its hassles. While being able to work at home or a co-working space away from the corporate world is, for many, a better way to do what they do best, the fact is that freelancers are independent businesspeople. And they are actually operating a small business. With that goes everything that comes with it.
One of the most important things for someone working independently of a formal company structure is keeping records of income and expenses. This is a necessity that is usually overlooked but is really important come tax time. These records are needed to prepare tax returns, but even more important is the need to have a tax return that survives an audit. They also give insight to the level of success achieved by the freelancer.
So many freelancers work in fields other than business, such as journalism or the arts, but they are not bookkeepers or accountants. In my more than 30 years as a CPA, I have found that well-organized records make preparing a tax return quicker and provide opportunities for proper tax planning that carry over to the future.
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