Running your own business?
What do you do when you need to report work completed via the voice over marketplace?
Lin Parkin, Customer Care Manager at Voices.com, gives you tips on how to locate your Voices.com earnings and put them in order for easy reporting at tax time in today’s VOX Daily.
It’s Tax Time Again!
As tax season approaches we receive many questions about whether or not we issue taxation forms and how to report taxes on income earned through Voices.com.
Voices.com is a third party vendor so your social security and tax identification numbers are not maintained by our finance department. In addition to that, we have clients and talent from countries all over the world so taxation laws are different depending on which country you hail from.
As a freelance talent running your own business, it is important to keep track of your income and all applicable taxes you owe to your government. We recommend consulting a personal accountant to help you develop a plan for keeping track of your income tax.
To help you keep track of your earnings through Voices.com, you will find invoices of all payments you’ve received through SurePay in the Payments area of your account under Payments > Payments Sent.
You can click into each payment and print off the invoice for your records. Then when it’s time to file your taxes you can take the invoices to your personal accountant who can help you calculate the income tax you owe.
While we are not financial advisers, it can be quite difficult to come up with a lump sum at the end of the year when you need to pay your taxes. One common method freelancers use to keep on top of income tax is to separate the taxes from each payment earned and leave the funds in a secure bank account until it’s time to pay your income tax. Your personal accountant can advise you on the best way to get that set up.
Have Any Tips For Maintaining Income Tax Records?
We’d love to hear about it! Please comment below.