Planning Your VO Business Tax Return for 2020

by | Dec 16, 2020 | VO Business

Just when you thought moving into 2021 would rid you of this year’s black cloud…along comes the spectre of doing 2020’s taxes.

Now, we all know taxes are NEVER a pleasant prospect.  But the complications of economic wrangling in response to COVID make things even worse.

Did you take advantage of a small business loan?  How much did you drain your investments?  What exactly IS deductible?

Personally, I think this task comes under the heading of hiring a professional, much like you would pay a professional demo producer, a graphics artist, or a web developer.  The complexities of filing your taxes, making sure you don’t get audited later, and insuring you don’t pay too much (or too little) warrant the services of a tax professional (in my estimation).

These are people with whom you should have a close relationship. They are also consultants, advisors, and watchdogs for you.  Yes, a good CPA costs money…but they can save you money.

Find someone who is familiar with the eccentricities of freelance challenges.  Most CPA’s and enrolled agents themselves have their own business, so they pretty much get YOUR business of freelance voice-acting.

Even given you’ve found a good tax representative, it still behooves you to understand what’s going on, especially in preparation throughout the year, end of the year, and into the next tax year.

I’m here to help, and luckily….I’ve got Google.

Oh, wait!  You do too!  Yeah, but I’ve got your back…having already done the homework to find the best sites so you can just click on the links below for a quick education on the challenges of 2020’s taxes.

Don’t procrastinate on this!  It’s important!

2020 Tax Changes For 1099 Independent Contractors – Updated for 2020 (sharedeconomycpa.com)

How Much Should You Budget for Taxes as a Freelancer? (thebalance.com)

15 Self-Employment Tax Deductions in 2020-2021 – NerdWallet

The Guide to Doing Your Taxes As a Freelancer for 2020 | TheSelfEmployed.com

Finance: It’s time to think about year-end tax considerations | Business | williamsonherald.com

Year end tax moves for 2020 | Saving on taxes | Fidelity

Year-End Tax Planning Tips For 2020 (forbes.com)

…and that’s just the tip of the iceberg.  Wanna know how to do a better Google search?  See this article I recently wrote:

Google searches don’t have to be difficult, just complete. (courvo.com)

Taxes don’t have to be taxing if you prepare.

CourVO

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