Survive The Number One Stressor For Self Employed Artists – Tax Returns

If the T A X word makes you a little nervous and causes your eye to start twitching with the stress you can take solace in the fact that you are not alone. In fact, we creative types rarely do too well in organising our accounts, we’d much rather be splashing paint around or crafting detailed models from polymer clay. Unfortunately, that means it can cause us a lot of stress right around the time the taxes are due in. Luckily, there are some strategies you can employ to make the whole process a little calmer and easier to deal with, so you don’t end up tearing your hair out. Read on to find out what they are.

Set up a system

Number one on your list of strategies for making tax less of a headache for creatives is to set up a filing system. Now, this can be done when you are collating everything to complete your return,  but it’s actually a lot better to set one up ahead of time. Then you can file invoices and recipes along with bank stamens in the right places through the year, so they are all there in date order when you come to need them. Definitely, something that can make a huge difference to your stress load when it’s the dreaded tax return time.

Keep to the system

Of course, there are plenty of us that set up an account filing systems, but like our new year’s resolution to drink less red wine, give up dairy products, and run a mile a day, it ends up going by the wayside.

To prevent this happening to you, it can be useful to use an online bookkeeping system. One that allows you to match up your invoices with the payments you receive, so even if you do get audited everything will be easily accessible.

Get some expert advice

Next, if it’s the official nature of completing your tax return and sending to the government that is stressing you out, why not make it easier on yourself by hiring a professional tax accountant to complete your return for you.

There’s no shame in roping in the experts to provide a bit of help with your tax return.

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You will need to supply them with access to the figures, of course,  but if you have any queries about certain allowances or deductibles they can help you resolve these, as well as check over your figures. Something that can give you that added peace of mind that so many of us crave when it comes to tax.

Hit the deadlines

Last, do remember that your tax return has to be completed within a certain time, with the possibility of steep fines if you don’t meet the deadline. That is why it’s essential that you start the calculation and filling in your return well before the due date.

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Remember too if you haven’t managed to keep to a filing system you will need to start even earlier because you will need to get those documents in order before you can begin your calculations. That means whatever you do, the real takeaway advice here is to not leave it to the last minute, as this will only serve to increase your tax stress, not reduce it.