I just finished up my first year freelancing and am happy to report that I did in fact turn a profit! It’s very exhilarating to know I can do what I love and make money. Not the easiest thing in the world though. In fact, the only thing that was tougher than keeping up with the Joneses, was figuring out the tax situation at the end of the year.
Going through Turbo Tax however, Stacy and I were able to find all sorts of wonderful business deductions. Did you know that you can even write off floor space in your home office? That coupled with hardware depreciation, hardware and software purchased for the business and mileage driven for meetings and on-site engagements, made for a pretty good and full list of deductions. It was disheartening to see how much my Mac had decreased in monetary value, but encouraging to know that the machine has more than paid for itself over the past year.
If you’re just getting into business for yourself I would recommend saving all your business related receipts, logging mileage driven for business, and possibly hiring an accountant. I am fortunate that my wife enjoys doing taxes and numbers in general; otherwise I would no doubt be knocking on an accountant’s door for help.
In other news, I was just picked up to do another spot with one of my larger clients, BET. The company they’re working with is Maybelline, and they’re looking to do an illustrated spot describing how to get the fullest, curliest lashes. Production starts next week right after I finish their spot for Huggies.
So far so good, now the only trick is keeping up the pace, and knocking down projects as soon as they come up.
Oh, and if anyone would be interested in purchasing stuff from my Café Press shop, here is a link to a site featuring coupons for money off pretty much anything on the site.