IRS or iPhone? You decide.

As soon as Christmas is over, small business owners everywhere  begin the slow descent into hell known as tax season.  For those of you who are freelance writing full time or plan to in the next year (like me) organizing information for your taxes can be terrifying.

Freelance Zone posted an excellent article today that deals with paying taxes as a freelancer.  They suggest that this week you gather all of your income information from this past year and use whichever system you prefer to estimate how much you will owe in taxes.

Here’s where the timing of this comes in.  If you look over your tax information this week, you can see whether or not you need a few more deductions for your business.  There are tons of legal deductions you can take as a freelance writer.  If you notice that you have room for deductions, consider purchasing something that you would need for your business.  You can do it now, while things are on sale at Christmas.  What do you need/want? An iPhone so that you can do your business anywhere? A new laptop? A new computer desk?

Make no mistake, when it comes to taxes, you will be spending money.  Now is the time to decide whether you want to give your money to the IRS or use it to buy something useful for your business.

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