Whether you’re a regular employee working a 9-to-5 job or a freelancer picking up as many gigs as you can find, you’ll eventually need to file taxes. Tax season can be stressful for everyone, but when you’re a contract worker or freelancer, it can be even more nerve-wracking. It requires more than just entering your income in a few boxes. In fact, tax preparation for freelance and contract workers is incredibly complex. Here are a few tips to help make your tax prep as simple as possible.

Tax Prep Tips for Contract & Freelance Employees

1. Keep Records

When it comes to making your tax return preparation as simple as possible, nothing helps more than keeping thorough records of expenses and income earned. Ideally, you’ll keep these records throughout the year. If not, try to compile as many receipts, bank statements, invoices, and other relevant documents in the last quarter of the year. This will help you prepare for tax season ahead of time and speeds up the filing process.

2. Pay Quarterly Taxes on Time

When you work as a regular employee, the employer files quarterly taxes with the IRS. However, if you’re a contract worker or freelancer, those quarterly taxes are your responsibility. If you’re likely to owe more than $1,000 in taxes annually, you’re required to submit quarterly payments. If you’re going to owe less than that or are only working as a contract employee part-time in addition to a regular job, you may not need to make the payments. Your accountant will be able to tell you if the payments are necessary.

3. Don’t Be Afraid to Ask for Help

As a contract worker or freelancer, there are dozens of deductions that you may qualify for. However, unless you’re familiar with tax law and regulations, you likely won’t even be able to find them in the first place. Instead of trying to handle tax prep on your own, work with an experienced accountant. They’ll help you maximize your tax refund and make sure that everything is entered accurately, reducing the risk of getting audited or assessed fines for late or inaccurate filing.

As a contract employee, tax prep can be stressful, but it doesn’t have to be. Contact Michael C. Davis, CPA in Stow, OH. As an experienced certified public accountant firm, they’ll help you get the most out of your tax return each year. With more than 38 years of experience, there’s no tax scenario they haven’t seen. Whether you have a complicated tax situation or are simply looking for managing your self-employment bookkeeping, they’re ready to help. Learn more about their services online and call (330) 376-1099 to schedule a consultation.