Whether you’re doing taxes for artists, taxes for writers, taxes for photographers or taxes for any other self-employed tax type, this list of papers of your freelance income and freelance expenses will provide a good basis for what you need to do your taxes. Due to individual circumstances, you may have others you need as well.
- You should have a receipt or a bill for every freelance expense you take on your tax return. A credit card entry does not count as a receipt. Credit card statements indicate payment.
- You should have a check or credit card entry for every receipt (except for those paid with cash).
- Expenses should be totaled in the categories that you use on your tax return. On www.freelancetaxation.com. please see a selection of lists for different professions.
- You should have a date book for the year. This is useful to show appointment during the year that correlate to your travel and entertainment expenses as well as showing activities of your professional life.
- There should be entries on your restaurant receipts for business entertainment for the date, the name of the restaurant, the cost, the name of the person
you were with and the purpose of the meetings. For business meals costing less than $75 for which you do not have a receipt, you need the above information written in your date book.
- You should keep a log of your total mileage for the year and for the business trips including mileage, location and purpose of the trip.
- You should have the list of taxes paid for the previous year and the estimates paid for the tax year for which the return is being done. The list should be check by check with each having to whom written, a date, an amount, and the purpose. Your state may issue a 1099 for the previous year’s taxable refund as well as what it calculates you have paid for state estimates; these records are useful to have.
- You should have what you paid for health insurance, unreimbursed medical expenses, and medical transportation.
- You should have 1099’s for mortgage interest and real estate taxes.
- You should have records for both cash and non-cash charitable contributions.
- Child care expenses along with the child care provider name, address and employer identification number should be provided.