Disclaimer: The following post is in partnership with H&R Block. As always, all opinions are my own. Thanks for supporting the brands that make Ready Set Jet Set possible!
Sometimes, “adulting” can be scary! I remember when I made the big decision to go full-time with this travel blog. I had spent a few years building a following on Instagram and had just started this blog to go with it when I decided to take it all more seriously as a career option. Up to that point, I had managed to get a few brand partnerships and hotel stays, but that’s about it! I had already spent a few years building up my Instagram and traveling on my own dime, all as a side hustle while I worked as an event photographer between travels, but there was no such thing really as an “influencer” yet. I had no idea when I started down this path that it could ever end up being my career.
Then came the day a PR agency reached out and I landed my first real press trip. Honestly, at that point I was ready to give up and go get a “real job” with my marketing degree. But the trip was quite a win – especially since it was to Geneva, Switzerland! Once I did one press trip, more started to roll in, and the travel industry started to take Instagram a bit more seriously. Influencer became a common term. And at this point, I realized I couldn’t give up yet – my business was just starting and I had to see this out!
It took me a while to actually make enough money for it to be a viable career. And then came tax time! I had been filing taxes as a freelancer up until then, so I did have some experience with 1099s and business write-offs, but not on the same scale as this. I mean, the stack of 1099s I get from all of my clients can be quite overwhelming! And then there are all the factors of figuring out expenses, setting up my own SEP-IRA (no 401ks as a freelancer after all), making sure to pay taxes quarterly, and so much more.
That’s where my friends at H&R Block come in! Taxes can be scary, but H&R Block’s tax pros are on hand to help every step of the way. Even if you’re doing the whole process online without an office visit, they can assist you via screen share, on-demand chat, and more to make sure you get every qualified expense deducted and every 1099 reconciled (which can be daunting as a freelancer, believe me). They can also review your whole return and file for you, which I personally recommend for peace of mind.
H&R Block also has some really cool things they offer that I love. For example, if you’re a student, you can actually file free online! They also can offer a Refund Advance if you need your refund right away.* They have upfront transparent pricing as well, meaning their pricing is set before you begin your tax filing process with them, so there aren’t any surprises when it comes time to pay. Plus, you could save at least $10 when you choose H&R Block over other tax prep companies, like TurboTax.
Are you a U.S.-based blogger filing taxes for the first time? Here are a few quick tips to help you get started! Please note, some of these do not apply if you created an LLC for your blog.
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Make sure to pay in estimated payments quarterly.
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A lot of PR agencies might pay under a different name than what you invoiced (it happens to me a lot), so make sure to reconcile your 1099s with your invoices and payments to make sure you don’t miss anything.
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Have a separate business credit card to charge expenses to, and keep all receipts! The easiest way to do that is to photograph them all and keep them in a Dropbox folder so you never lose them.
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Keep a spreadsheet of invoices, payments, and other necessary details – this will also make sure you don’t lose track of invoices if a payment is late.
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Have a separate savings account for tax payments, and transfer a percentage of each payment to it so you have it ready to go for quarterly payments.
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File with H&R Block so you can make sure you’ve got all your ducks in a row – and they might find expenses you missed!
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If you’re not ready to file on the due date, apply for an extension! Just make sure you’ve paid in enough by then so that you don’t owe extra fees later.
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Don’t forget you’ll also need to pay self-employment taxes as a freelancer.
That’s it for now! If you’ve got more questions, I recommend consulting the tax pros at H&R Block who know much more about this than me. Don’t worry, you’ve got this!
*This is an optional tax refund-related loan from MetaBank®, N.A.; it is not your tax refund. Loans are offered in amounts of $250, $500, $750, $1,250 or $3,500. Approval and loan amount based on expected refund amount, eligibility criteria, and underwriting. If approved, funds will be loaded on a prepaid card and the loan amount will be deducted from your tax refund, reducing the amount paid directly to you. Tax returns may be e-filed without applying for this loan. Fees for other optional products or product features may apply. Limited time offer at participating locations. HRB Maine License No. FRA2. OBTP#B13696. ©2020 HRB Tax Group, Inc.
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