Tax Tips8 min read

Year-End Tax Checklist for Freelancers and Gig Workers

Prepare for tax season with this comprehensive year-end checklist. Maximize deductions and organize your records before the deadline.

SM

Sarah Mitchell

Tax Specialist · April 20, 2024

Your Year-End Tax Preparation Guide

Don't wait until April. Start preparing now to maximize deductions and minimize stress.

October-November: Review and Plan

Income Review

  • [ ] Total all income sources
  • [ ] Verify 1099 information is correct
  • [ ] Note any large payments expected in December

    • Expense Review

  • [ ] Categorize all expenses
  • [ ] Identify missing receipts
  • [ ] Review for overlooked deductions

    • Equipment Decisions

  • [ ] Consider year-end purchases (Section 179)
  • [ ] Evaluate needed upgrades
  • [ ] Document equipment purchases

    • December: Take Action

    Last-Minute Deductions

  • [ ] Make planned equipment purchases
  • [ ] Prepay January expenses if beneficial
  • [ ] Contribute to retirement accounts
  • [ ] Pay Q4 estimated taxes

    • Mileage Review

  • [ ] Verify all trips logged
  • [ ] Calculate total business miles
  • [ ] Document odometer readings Dec 31

    • Home Office

  • [ ] Measure dedicated workspace
  • [ ] Calculate utility percentages
  • [ ] Document with photos

    • January: Gather Documents

    Income Documents

  • [ ] 1099-NEC from each client
  • [ ] 1099-K from payment platforms
  • [ ] Bank statements showing deposits
  • [ ] PayPal/Venmo records

    • Expense Documents

  • [ ] Receipt photos/scans organized
  • [ ] Credit card statements
  • [ ] Bank statements
  • [ ] Mileage logs

    • Special Categories

  • [ ] Health insurance premiums (Form 1095-A)
  • [ ] Retirement contributions
  • [ ] Estimated tax payments made
  • [ ] Home office calculations

    • Common Deductions Checklist

    Don't Forget:

  • [ ] Software subscriptions
  • [ ] Professional memberships
  • [ ] Business insurance
  • [ ] Office supplies
  • [ ] Phone/internet (business %)
  • [ ] Continuing education
  • [ ] Business meals (50%)
  • [ ] Professional services
  • [ ] Bank fees (business account)

    • Quarterly Tax Review

    Verify Payments:

  • Q1 (paid April)
  • Q2 (paid June)
  • Q3 (paid September)
  • Q4 (paid January)

    • Assess:

  • Did you pay enough?
  • Any penalties expected?
  • Adjust Q4 payment if needed

    • Working with Tax Professionals

    When to Consider:

  • Income over $100,000
  • Complex deductions
  • First year self-employed
  • Audit concerns

    • What to Provide:

  • Organized income summary
  • Categorized expenses
  • Prior year return
  • Questions prepared

    • Export your year-end financial summary directly from GigTracker for easy tax preparation.

    Tags

    #taxes#year-end#checklist#deductions#preparation

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