Casey Moss Tax & Accounting

Accounting, Tax Prep, and Bookkeeping for Artists & Creatives

Why Are Accounting and Tax Planning Important for Freelancers?

Freelancers and creatives often reach a point where their side-hustle becomes their main-hustle. When that happens, bookkeeping and tax planning are more important than ever. As your income increases, so do your tax obligations. To mitigate your tax obligations, it is crucial to determine which expenses are deductible and how to track them. There are also some other considerations specific to the artist and freelance industry:

  • Business formation: Considering an LLC or S-corporation for your freelance business and understanding the tax implications of both.
  • Invoicing and income collection: Finding solutions for invoicing your customers, receiving payments through sources such as Venmo and Zelle, and making sure all of your income is reported accurately.
  • Home office deductions: Understanding what home office expenses are deductible and how to take the deductions on your tax return.
  • Expense tracking: Finding the most effective way to track your deductible expenses and making sure you are operating in the most tax efficient way possible.

Freelance Artist Tax Planning & Preparation Services

Keeping accurate books and records allows freelancers and artists to be prepared for tax time. Luckily, Casey Moss Tax can be your one-stop-shop for bookkeeping and tax preparation. Let us guide you through today’s complex tax laws and ensure you are paying the least amount of tax possible. 

 

tax planning for freelancers

 Many freelancers and artists have income from other sources outside of their freelance activity. This creates complex planning issues that can be difficult to manage. Casey Moss Tax can prepare tax projections throughout the year to make sure you are never surprised come tax time. We can also guide you through strategies to reduce your tax liability before it’s too late to take action.

Business tax return preparation

For freelancers that have made the leap into LLCs or S-corporations, Casey Moss Tax has you covered. Industry-specific issues for freelancers can include things like the qualified business income (QBI) deduction for specified service businesses, accountable plans for expense reimbursements, and reasonable salary calculations for S-corporation owners. Let us utilize our wealth of knowledge and experience in this industry to take business tax preparation off your plate.

Sole proprietorship tax preparation

Since many artists and creatives operate as sole proprietors for tax purposes, self-employment taxes are a huge consideration. Understanding how your taxes are calculated, the importance of making estimated tax payments, and how to reduce your tax and penalty obligations is critical for sole proprietors. Casey Moss Tax can calculate and even schedule your estimated payments for you to make sure you stay on track all year long.

Get Back to What Matters Most with Casey Moss Tax and Accounting!

We understand the bookkeeping and tax complexities involved with operating as a freelancer or creative. We also understand that the more time you spend on your books and taxes, the less time you have to create your best work!  Do what you do best, and we’ll do what we do best:

 

  • Technology utilization and accounting process innovation
  • Clear, regular communication and availability to answer your questions
  • Strategic tax planning and consulting BEFORE the end of the year
  • Experience with a wide variety of freelancers, creatives, and artists
  • Communication of tax law changes that directly impact your business

Are You A Freelancer In Naperville, Illinois?

If you are a creative or freelancer in the Naperville area, you can schedule your in-person meeting today to discuss bookkeeping and tax-savings strategies. Not in Naperville or just prefer a virtual call? Not a problem! Book a virtual consultation today to get started with Casey Moss Tax!.

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