The end of the end can be a hectic time for freelancers.
Besides trying to fit in all of your freelance work around the holidays, you also have to be aware of your taxes.
Although taxes aren’t fun to pay, there are several tax advantages you can give yourself that will make the end-of-year tax review a little less heart breaking.
FreshBooks goes through 7 tax moves that all freelancers should be doing at the end of each year.
“Close an inactive business
If you started a business but are no longer actively pursuing it, you need to officially shut it down. If you formed an LLC or Corporation, you’ll need to dissolve this business entity with your state. If you applied for a reseller’s license or other permit from your local municipality, you’ll need to terminate those permits.
This is one task you shouldn’t procrastinate on. If you don’t officially close the business in 2015, then you’ll be expected to file taxes, file an annual report, pay annual dues for 2016. Save yourself the headache and extra fees, and get this paperwork in before the end of the year (it won’t take too long).”
Check out the other 6 tips at FreshBooks.