Freelancers – who does your bookkeeping and tax?

Lynne Level 1

August 23, 2016, 8:36 am

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Freelancers – who does your bookkeeping and tax?

I’m interested to know what everyone does for keeping up to date with their bookkeeping and tax. Do you do your own bookkeeping or do you hire someone to do it? Do you sort out all your own tax and submit it to your tax authority?

If you do your own accounts what accounting software do you use if any? Is it software that you load onto your machine or is it online?

If you have someone do your accounts for you how do you choose that person? Do you use an accounting firm or do you use someone that works for himself/ herself at home?

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Webguy2024

Webguy2024

Hi Lynn,
I have full time bookkeepers and an accountant, CPA. My accountant does all of my business and personal tax returns. Because the tax code in the USA can be quite complex I would not even think about doing it myself. The time it takes to complete taxes is worth paying a professional.

8 years ago

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Lynne

Lynne

Oh yes I can totally understand that. I am hardly qualified to do tax returns for myself or my business.

I do all my own bookkeeping though and well, I hate it! I also do all my father's bookkeeping for one of his businesses. It really is quite simple to do, if you know what you are doing it is really just data entry.

I am so wanting to get to a stage where I make enough money to validate paying someone else to do all my books for me. To me this would be a massive sign of success LOL.

8 years ago

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Lynne

Lynne

I do all my own books using Pastel Online. I quite like their services, it is just the bookkeeping and data entering part that I don't like. It is so nice and simple to use.

8 years ago

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Everett

Everett

I do all of my own bookkeeping. I set aside 20% of all my earnings for taxes. So basically even though if you sell services here theres 20% of that fee, but also I assume 20% in taxes is okay as wel and that totals out to be at least 40% in fees. Now, here's the tricky part.. My state doesn't have sales tax, and since I am selling products online, I typically don't have to pay for any tax on sales. But since I do sell things, that tax gets accumulated at the end of every month.

Taxes are a real pain, and sometimes it's hard to figure how much you actually have to pay. Since I like doing things on my own, i see no reason to hire an accountant at this time, however in the future I am most definitely going to.

8 years ago

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Barida

Barida

When it comes to my business, I don't joke with the act of bookkeeping and ensuring that I do things in the right way. I always plan things to ensure that my business is really in order and the reason for that is to ensure that I don't miss out necessary information on how to move my business forward.

7 years ago

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