This year was my first year filing an ass load of 1099s. Luckily the 1099s were offset by a W-2 job I had for the first 8 months of the year. (I only owe $300 this year!) September of 2011 was the first time I made the leap into freelancedom and I’ve not looked back. Next year’s taxes are going to be cray-cray.
I was really nervous about filing as a newbie freelance writer. I had no idea how much in taxes I was going to owe and I wasn’t sure the best way to go about filing. (Should I go with an accountant or the TurboTax route?) I did my research and ended up filing with TurboTax Home & Business yesterday. It was painless and I learned a lot from it. Side note– I haven’t gotten to the self-employed quarterly taxes part in my freelance life yet. That’s the next hurdle.
I’m neither a tax/accounting professional nor well experienced in this matter. In other words, I’m full of shit half of the time, so please take my suggestions below with a grain of salt and do your research first! (more…)