{"id":129,"date":"2016-12-12T17:14:48","date_gmt":"2016-12-12T17:14:48","guid":{"rendered":"http:\/\/www.insurancebee.com\/blog\/?p=129"},"modified":"2021-05-27T12:01:51","modified_gmt":"2021-05-27T12:01:51","slug":"freelancers-guide-year-end","status":"publish","type":"post","link":"https:\/\/www.insurancebee.com\/blog\/freelancers-guide-year-end","title":{"rendered":"Preparing for year-end: a freelancer’s guide"},"content":{"rendered":"

\"Freelancers<\/p>\n

It’s that time of year again. When we vow we’re going to do all the stuff we didn’t manage to get done last year. Or the year before. Or the year before that.<\/p>\n

For freelancers, year-end is an ideal time to look back and figure out what went right this year. And what you could’ve done better.<\/p>\n

A checklist for freelancers<\/h2>\n

A checklist will make it easy for you to get organized ready for next year’s year-end.<\/p>\n

Receivables<\/b><\/h3>\n

Take an honest look at your old A\/R balances. Are you carrying old account balances\u00a0 you know, deep down, you’ll never collect?<\/p>\n

Maybe it’s time to give up on them. If the deadbeats pay you someday, great.<\/p>\n

If they don’t, at least you won’t have spent any more time or effort trying to get blood out of a proverbial turnip.<\/p>\n

Promotional gifts<\/strong><\/h3>\n

By the same token, reward your best clients — you know, the ones who give you a lot of business and pay really fast.<\/p>\n

Use promotional gifts to tell them how much you appreciate them. We\u2019re not talking about branded gadgets and trinkets. Show your clients some freelance love with a gift that sets up a win-win situation for both of you.<\/p>\n

How about a discount coupon for a new service you’re offering. Or, for one of your existing services\u00a0 they haven’t tried yet? How about printing up a\u00a0 calendar of service specials, each good for just one month?<\/p>\n

Disaster prep<\/strong><\/h3>\n

How much trouble would you be in if your computer didn\u2019t boot up tomorrow morning?<\/p>\n

You don\u2019t even want to think about it, right?<\/p>\n

That\u2019s what we thought.<\/p>\n

There\u2019s no excuse for not backing up your data when you can back up all your important files online.<\/p>\n

Year-end is also a good time to make sure your anti-virus and anti-malware programs are up to date. \u00a0Once you\u2019re caught up, schedule weekly backups and software updates throughout the coming year. Trust us, you\u2019ll sleep better.<\/p>\n

While you\u2019re at it, write down all the serial numbers and service telephone numbers for your computer equipment, TVs, appliances\u2014anything worth repairing.<\/p>\n

You may need a flashlight and a magnifying glass to find them, but your effort will be well worth it. You\u2019ll thank yourself if you need to troubleshoot your wireless router but you can\u2019t look your ISP\u2019s phone number up on the internet because, well, your wireless router is out.<\/p>\n

Taxes<\/strong>
\n<\/strong><\/h3>\n

It\u2019s a good idea to look back on the old year with Uncle Sam in mind.\u00a0 Don\u2019t let the IRS<\/a> put you in the penalty box for underpaying your taxes. You should be fine if you\u2019ve paid at least 90 percent of the tax you paid last year. Check to be sure you have receipts for all of your business expenses and personal deductions.<\/p>\n

Tax forms are already available online, so run a rough draft of your tax return before year-end. If you\u2019re sitting on the edge of a tax bracket, it\u2019s not too late to do some year-end planning to reduce your taxable income.<\/p>\n

Making a charitable donation, paying tax-deductible expenses, and buying new equipment are a few of the ways you may be able to reduce your taxable income before year-end. Consult your tax advisor to make sure your deductions are legitimate.<\/p>\n

Insurance<\/strong><\/h3>\n

And lastly, don\u2019t forget your insurance.\u00a0 As you\u2019re in the mood to review and re-evaluate, it makes sense to look at the coverage you\u2019ve got and make sure it\u2019s enough to protect your business. If you\u2019re thinking of buying more equipment, for example, make sure your policy covers it.<\/p>\n

Or, if you\u2019re going to add to the range of services you offer, have a look at your errors and omissions insurance<\/a> policy wording. Make sure they’ll be covered. If you\u2019re in doubt, it\u2019s best to talk it through with your insurance broker.<\/p>\n

A little year-end\u00a0housekeeping can help you stay focused and organized. Make this year a success by planning ahead and moving forward.<\/p>\n","protected":false},"excerpt":{"rendered":"

It’s that time of year again. When we vow we’re going to do all the stuff we didn’t manage to get done last year. Or the year before. Or the year before that. For freelancers, year-end is an ideal time … Read more…<\/a><\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[29],"class_list":["post-129","post","type-post","status-publish","format-standard","hentry","category-smb-advice","tag-freelancers-insurance"],"yoast_head":"\r\nFreelancers' guide to preparing for year-end<\/title>\r\n<meta name=\"description\" content=\"New year, new start. It's out with the old and in with the new. Or is it? 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