Successful Freelancing seminar, New Filing Requirement, and January To-do list!
Successful Freelancing Seminar next Wednesday!
Mark your calendar! Next Wednesday, at 6:30 pm, I’ll be presenting for Women in Film and Video in a virtual seminar on “Successful Freelancing”. You should feel free to share the registration link with others that might be interested- particularly folks who will be graduating from college this spring, and are considering freelancing. It’s only $15 for WIFV members and students.
Here’s the description:
Are you considering leaving a full-time job to go freelance? Or you’re new to freelancing and feel like “you don’t know what you don’t know”? Being a freelancer means you are a small business owner, and there’s more to it than just waiting for the phone to ring, grabbing some gaff tape, and heading out the door. No matter what area you intend to freelance in, there are financial considerations, process considerations, and time management considerations. Sharon Sobel took her freelance leap in 2003, and hasn’t looked back. She’ll share what every freelancer should know (and do!) before taking the freelance leap – it’s not for everyone.
The Corporate Transparency Act is a new filing that freelancers must comply with in 2024. This is a new database, created by the Financial Crimes Enforcement Network (FinCEN), which is part of the Department of Treasury. The database will only be available to law enforcement agencies. This has nothing to do with tax filings. It applies if you have a corporation, S-corp, LLC or any other entity created by paperwork filed with a Secretary of State office. Most freelance businesses qualify to file the Beneficial Ownership Information Report (BOIR). Assuming you started your business prior to this year, you have until January 1, 2025 to submit your information. The fines are hefty if you don’t comply (up to $500 per day) and up to 2 years in prison. It’s not a lot of information, probably won’t take you longer than completing a w-9, so don’t delay.
On the FinCEN website, I also found this notice: FinCEN has been notified of recent fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act. The fraudulent correspondence may be titled “Important Compliance Notice” and asks the recipient to click on a URL or to scan a QR code. Those e-mails or letters are fraudulent. FinCEN does not send unsolicited requests. Please do not respond to these fraudulent messages, or click on any links or scan any QR codes within them.
File today here.
Annual January Freelancer Tasks
January may feel slow (it typically is for freelancing, so don’t think you’re the only one with a sad looking calendar!), but there are things you should put annually on your to do list (I love todoist for this- just make a task, like “file taxes every April 15”, and magically, that task will appear on your to do list every April 15).
Here’s what you should be doing:
Sort your expenses: If you haven’t done it already, talk with your bookkeeper or accountant about what is deductible. If you didn’t categorize them in 2023, make a resolution to do so in 2024. I just write the category right on the receipt before my bookkeeper enters it into Quickbooks. Note your mileage. Yup, that’s deductible. Note the odometer reading at the beginning and end of the year, and in between, note the date, client or work-related reason, and how many miles you drove. To be safe, I also track gas receipts and car repair bills during the year (those are business expenses, if you use your car for more than 50% of the time for work).
Tally up your medical expenses: if you aren’t on someone else’s health insurance. I request a statement from my medical provider for the year’s visits, and prescription costs count, too. And yes, those hefty premiums count, too. Learn more about this deduction and what/who qualifies here.
Social Media Checkup: Update your LinkedIn, Google Plus, and other profiles. Your business evolves, so should your online presence. Add new pieces to your portfolio and explore new features on social platforms.
Client Evaluation: Assess your client relationships. Have you given each the attention they deserve? Reach out to those with potential for future collaborations, wish them a happy new year, and let them know you’re available for more projects.
Clean Out Your Inbox: Declutter your inbox for a stress-free start to the new year. It might seem simple, but a tidy inbox can significantly boost productivity and efficiency. My favorite way to do this is to sort my inbox alphabetically and just tackle a letter a day. You’ll make a real dent over the course of a month, especially if you’re also unsubscribing to things!
