Financial management of a design practice

Income Taxes for Freelancers

This article covers the basics of income taxes for freelancers—from tracking typical business expenses and making quarterly estimated tax payments, through the filing of your completed annual return. It also includes important information about the tax issues that are raised if your freelance business is not profitable.

Bookkeeping Basics

Proper bookkeeping allows you to produce reliable financial statements, file accurate tax returns and maintain the overall health of your business. With accurate record keeping, you will have a very clear picture of where the money is coming from, where it is going, and whether or not you are producing a profit. This article explains the essentials of bookkeeping and shares real-world tips for tracking your business activity and staying out of trouble with the tax authorities.

Financial Management

This article looks at the process of preparing and using basic financial reports, when it’s best to use outside vs. inside resources,  and it explains additional key issues of particular importance to design firms. Tips are included for setting targets and benchmarking performance, along with a few suggestions to help keep everything on track.

Payment Strategies

Although the professional flexibility can be rewarding, devising a consistent payment strategy can be another matter altogether.

Audio: Tax Essentials

Mike Schoenholz (Schoenholz & Spiegel), an accountant who specializes in working with designers, speaks with Shel Perkins about income taxes for freelancers and the tax issus faced by design firms in these podcasts.