Are you a freelancer using a free paystub maker already? If yes, read this blog and see how you are benefitting yourselves. If not, this is a must-read for you.
As a freelancer, it is easy to get puzzled with finance management. You may have lost some receipts, have some unrecorded income or it is possible that you received payment in cryptocurrency. This may not seem like trouble in everyday life but as the tax season arrives, it may become hard to handle.
Since you’re a freelancer, you know that there is no one to provide you a W2 or 1099 at the end of the year. You’re self-employed as a freelancer or contractor and so will have to manage taxes, insurance, and overheads.
Freelancer’s Finance Management Checklist
The main aim to make free pay stubs earlier are to keep all the records updated with accuracy. Here is a checklist for freelancers and contractors to follow if you want to file tax returns in a hassle-free way.
Have Bank Account for Business
If you have just started freelancing and don’t have any plan to open a bank account for business, it’s not an issue in the beginning. Conflicts may arise later when you can’t handle personal and business transactions into one account. The end of the month will be a stressful time for you as you have to match your expenses and payments received from the bank statement.
Instead of this entire blunder, you can get a business bank account opened so that everything is easy to track.
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Keep track of every single expense
Some freelancers track down their expenses using accounting software from the very beginning. A cost-effective alternative to this is using a spreadsheet. Whatever you do, make sure that every transaction is logged. Also, the receipts should be preserved. The best way to keep the copies of invoices & payment receipts is to take a picture and add it online. You can access it as required without finding them when needed.
Plan ahead of the Tax Season
It is a good habit to save one-third of your total earnings for the tax season. As there are no tax deductions made from the pay you receive, you have to plan ahead. It saves you from last-minute out-of-cash worries while filing taxes.
Use Check Stub Maker Free
Using check stub maker free, you can save on payroll making for yourself. You are your own boss when you freelance. You can record all the earnings by adding the details and the rest of the calculations will be done by the paystub generator tool.
Consistency is the key to avoid any delay. It should be included in your daily or weekly routine that you dedicate some time to record income and expenses. Account reconciliation should be carried out and late payments should be chased.
This consistency is not limited to tax season but you can track your freelancing progress through it.
Start using Free Paystub Generator Online now!
No matter if you use a free paystub generator online as a freelancer, contractor or employer, you will always end up happy. It gets easier to track down earnings, plan holidays, and manage credits with paystubs. When you get to make one for free, you should not let this opportunity slip-off. Make one now!