Y’all, taxes are no joke. No joke.
This is the first year I’ve filed taxes as an LLC. It was quite a year, and honestly I was dreading tax season from the moment I decided to create Hel On Heels Blog, LLC.
Guess what though? It wasn’t hard! It seriously all ended up being fine, and I did it by myself.
Now I feel like I should preface that I’m not a full-time blogger making full-time money. I’m a full-time marketing professional with a serious side-hustle. If you have lots of money coming from every which way, you may want to look into getting an accountant.
Here are my top 3 tips for staying organized and preparing all year for tax season. This way when it comes, it’s not a big deal!
1. Get organized early and often! Keep a spreadsheet and document all of your income, expenses, and outstanding income. Mark the date, the expense, the company, the description and the tax category. Don’t forget to include any promo items.
This seems like the perfect time to remind you that you have to pay taxes on promo items too, and shampoo doesn’t pay the bills. If you want to learn how to negotiate this–you should totally take Erica’s Bosspitch Course.
2. Keep a Google Drive of all your statements. Start a Google drive today and put all of your receipts, invoices, contracts, whatever and throw it in this file. If you have a receipt while you were out and about, like for a dinner, scan it or take an iPhone photo of it and keep it in this folder. Odds are slim that you’ll get audited, but you’ll want all of these documents if you do.
3. Reach out when you need help. Again, I’m not a full-time blogger, but I was able to get the resources I need from an accountant at a conference (check out Amy Northard – CPA.) I then used TurboTax for small business. It came with a CPA that would give you a final audit before filing. Mine’s name was Owen and he answered all of my questions (and I had a lot!) If you have questions, find an accountant. They can help you!
Are you a blogger? What are your favorite tax tips?