I’m sharing these Tax Tips for Self-Employed Individuals (like me) because this will make filing your Canadian self-employed taxes easier. My #partner in this post is TurboTax. Unlike full-time, salaried, workers — we, self-employed people, have income, expenses, GST/HST, and deductions to handle…quite often from multiple revenue streams. As I am all about sharing information to make life easier…and these Tax Tips for Self-Employed Individuals (like me) will make your taxes easier.
Tax Tips for Self-Employed Individuals (like me)
Stay accounting organized all-year-round.
I switched to a cloud-based accounting system (Intuit QuickBooks – if you want my recommendation) last year and it has been ESSENTIAL in keeping my self-employed accounting organized.
I keep my expense receipts, office supply receipts, taxi receipts, cheques from clients, etc… all in file folders. Yes, I put them into my accounting system as I go. But always keep the paper-back up. Rest assured you aren’t alone. There are 3 million self-employed Canadians – including freelancers, and independent contractors – and tracking finances and preparing taxes can be a year-round challenge. TurboTax solutions for Self-Employed walk you through your tax preparation in a tailored step-by-step fashion, automatically prompting you to enter all pertinent self-employed specific deductions and expenses to help ensure your return is accurate. Friends, self-employed tax returns just got so much easier… I like that it is all online (no downloads necessary) and secure. The process is an easy step-by-step process where you fill in your information (name, address, dependents, etc) in a question and answer format. BONUS: You can get assistance, on-demand.
SmartLook lets you connect with a TurboTax specialist in real-time at any point during your return and get the help you need right away. Like all TurboTax products, TurboTax solutions for Self-Employed are backed by the TurboTax maximum refund guarantee so taxpayers can be confident they receive the biggest refund they deserve. Filing with TurboTax also comes with a free 30-day trial of QuickBooks Self-Employed. With QuickBooks Self-Employed, you can track your income expenses year-round and make it easier to file your return and get the biggest refund possible. It helps you find your deductions too so you won’t have to worry about missing anything.
As a freelance writer, blogger, and author who does school visits (yes, multiple revenue streams here) it found for me the following deductions: mobile phone/data plan, training courses, office supplies, advertising spends, web hosting, business travel costs & vehicle insurance.
Are you self-employed?
Dates to remember:
RRSP Contribution Deadline – March 1st, 2018
Tax Deadline – April 30, 2018
Self-Employed Tax Deadline – June 15, 2018
Tea makes everything better.
Brew a cup of tea, sit down, and get to that tax stuff. I know we all feel the last-minute scramble…but it’s FEBRUARY. If you start organizing your self-employed stuff now — you will be in great shape come June, don’t forget your deadline is April 30th to avoid late penalties. As self-employed individuals – we get to own our own business. It’s empowering and exciting. It can be flexible and challenging (both at the same time in my experience). It also allows you to wear many hats: business owner, salesperson, accounting, marketing, customer service. I kinda love being self-employed myself!
This is a sponsored conversation written by me on behalf of TurboTax. The opinions and text are all mine.