5 Top Tax & Accounting Tips for New Freelancers

Everyone has a side hustle these days. Earlier this year, Bankrate released a report claiming over 44 million American adults are earning money outside of their main source of income.

Of course, I’m one of them. I started freelance writing as a side hustle in October of 2015 and turned it into a full-time gig ten months later.

Maybe you’re considering a freelancing to save for a big purchase, pay down debt, or just pursue a passion you hope to eventually take full-time.

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Photo by Ben Kolde on Unsplash

Unfortunately, many people don’t consider the financial aspects of the side hustle until they’ve made a few mistakes. Whether your freelance work earns just a few dollars a month or a several thousand, tracking your profits and paying taxes are non-optional. Here are a few essential steps to get started on the right foot.

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How to Find a Small Business Friendly Bank

As a small business owner, finding a small business-friendly bank was actually one of the more challenging aspects of setting up my business! When I began my search, I quickly discovered that many banks charge hefty fees unless you keep a large balance on your account. Others make small business owners jump through hoops to prove they’re a legitimate business. That’s why I was excited to tackle this assignment from FreshBooks – How to Find a Small Business Friendly Bank.

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Photo by Tim Evans on Unsplash

 

If you’re looking for a bank to handle your small business checking, savings, investing, and financing needs, give it a read.

Let me know in the comments: what’s your #1 concern when searching for a small business bank?

Understanding the Costs of Your Mortgage

If you’ve ever applied for a mortgage, you probably received either a Good Faith Estimate or a Loan Estimate. If you’re like most of the clients I’ve worked with over the years, you just asked the lender what your monthly payment would be and shoved the Loan Estimate in a drawer.

 

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Image: Scott Webb via Unsplash

But that lengthy and confusing piece of paper is actually pretty important for understanding the real cost of your loan.

 

Lending Tree recently asked me to write a guide to understanding the costs of your mortgage. If you’re in the process of buying a home – or thinking of buying one in the future – give it a read!