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Tax Time Woes

by Josh Johnson

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21Men Beanie | Ray-Ban Sunglasses | Gap Tee | Topman Sweatshirt | Topman Coat | J Brand Jeans | Alex and Ani Winding Wrap | Giles & Brother Cuff | Leather Wrap Bracelet | Nike Sneakers 

Yesterday I started working on every bloggers and self-employed person’s favorite task of the year: tax time prep work. Good news is that I made more than I had ever planned on or realized. Bad news? I didn’t think I’d make as much as I did which means I didn’t save as much as I should’ve, and those my friends are my tax time woes. 

On one hand it’s great that I ended up grossing double what I’d originally planned on bringing home – meaning that I made more in the 6 months the blog was profitable than I did in a whole year of working in any of my past 9-5 jobs, but it’s also a bust cause tax time is bound to be a little tougher than I had budgeted for. 

There is light at the end of the tunnel though: being self-employed has its perks. Namely more tax write-offs than those that work a traditional 9-5 job. In other words it pays for me to spend more money during the year, when it’s work related, because it brings down my bottom line at the end of the year. Note to self: here’s your excuse to travel more in 2016, and never forget that those jeans you love are not a write off. 

If you’re self-employed and aren’t a fan of book keeping take my advice and learn to love it, or in the least, tolerate it. I signed up for the Self-Employed QuickBooks edition, and it actually make the whole process pretty painless. It syncs to my checking account(s), credit cards, and PayPal, and then gives me the option to mark it a personal or business expense. Also gives me an avenue to track what I have coming in every month; it’s a win, win. 

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Photography by Crystal Ludwick Photography

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  • DJ

    The perks and quirks of the self employed life. Nice look!

    DJ | http://www.tailormade-style.com

  • It’s never fun doing taxes, but this is the first year I paid a decent amount quarterly, so here’s to hoping it’s not TOO painful come April.

    xo Jessica
    http://www.mystylevita.com

  • Definitely signing up for that version of Quickbooks! I’ve been keeping a profit + loss statement via excel, but that seems SO much easier!

    Chelcey | http://www.chelceytate.com

  • 1. Go YOU for rocking it this past year. It has been awesome to see you soar!
    2. Love that jacket! I never figured that your website would be so hard on my wallet!

    xx

  • That Quickbooks hack seems like a gamechanger — need this ASAP! Also, congrats for killing it in 2015. Can’t wait to see you crush the blog game again in 2016!

    xo, Alicia | Alicia Tenise