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.
File folders.
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!
Disclosure:
This is a sponsored conversation written by me on behalf of TurboTax. The opinions and text are all mine.
Every self employed person should bookmark this. Taxes are confusing enough when you work for a company. When you’re self employed, it’s downright Greek.
Agree!
I hate tax time! I always plan to be very organized, but as the year goes on I get very lax. Then when tax time comes around I rush around trying to get it all done. These are great tips.
Folders. Keep all your paper things in folders. Super helpful for organization.
QuickBooks definitely helps me keep everything together for tax time, that’s for sure.
I would be lost without Quickbooks
Keeping up with receipts is a nightmare! I am terrible at keeping up with mileage as well, ugh. Basically I HATE tax time! LOL!
I recommend Turbo Tax…it makes tax time easier
What would I do without tea and coffee this time of year!! I always dread doing my taxes…wished I had a fairy who would do it…oh yea – Turbo Tax is my fairy!!! Thanks for the tips.
Turbo Tax the tax fairy! lol
My mom always had to stay on top of this when she worked from home. I’m not sure she claimed these deductions, but it would’ve helped her. I didn’t realize you could claim so many things.
There are so many things we don’t think of with taxes. Which is why I like Turbo Tax — it does the thinking for me 😉
I have used TurboTax for the last few years and I loved it. They make doing your taxes so much easier. They were really helpful whenever I had questions.
Great to hear you’ve had such a positive experience with Turbo Tax
Loving all of your tips. I am super thankful that I married an accountant when it comes to tax time 🙂
I hate doing my taxes! I hate that I have tp give my hard earned money over to the government LOL! In the end I get them done as soon as I can and then move on. Love all your tips! Maybe it will be less painful for me if I do what you say here! 🙂
I despise doing taxes! Luckily my husband doesn’t mind one bit! These are really great tips!
I need all the tax tips I can get. I am the worst at keeping track! These are great tips!
This is really going to help a lot of people. I pay taxes quarterly and I love it.
Tax season is stressful. It’s good there are more ways to get help nowadays. These are great tips. The more we know the better.
Thanks, I totally need this. I normally use TurboTax. I need to get to it though, I’ve been procrastinated!
Tax season can be such a challenge for business owners. I’m so glad there is a program like TurboTax to make it easier.
Tax season can scare the pants off of anyone honestly. It can be so challenging for those that are self employed. I am so glad that there is something out there to help.
These are great tips! I’m using these for next year because this year I was a complete mess.
Great tips, everyone hates taxes, but organization and these tips makes it less dreadful
Tax time always gets me a little anxious. I didn’t know that there was Turbo Tax for the Self-Employed so I’m going to look into that.
I have been using turbo tax for years now, very easy to use. Organization is key though to getting all the documents in order before using the software!