Tax prep for GIG WORK­ERS

Com­mon — and costly — mis­takes that free­lancers make

Baltimore Sun Sunday - - BUSINESS -

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Re­mem­ber that you are a busi­ness

Cole: Ba­si­cally, from an IRS per­spec­tive, the minute you start earn­ing a dol­lar as a free­lancer, you’re a busi­ness and you, in fact, must be­have like a busi­ness in or­der to get the ben­e­fits of be­ing a busi­ness, tax-wise. You have to have book­keep­ing, and you (also) have to track your ex­penses and your in­come. … I think a lot of us start earn­ing money, but we are kind of com­ing from a per­spec­tive of mak­ing a ca­reer in the arts, so we’ll tend to not think of our­selves as a busi­ness right off the bat.

Separate busi­ness and per­sonal money

IGOR MOJZES/DREAMSTIME

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