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MONEY MANAGEMENT
Are You Having Tax-Time Headaches?
Expense Hints For Freelance Voice Actors
March 17, 2017

By Natasha Marchewka
Voice Actor

As a freelance voice talent, filing taxes can be done as a self-employed person, as a small business, or even as a Corporation, such as in my case.

Here are a couple lessons I've learned.

LIST ALL EXPENSES

I did A LOT of equipment purchases and exchanges last year, to try out new mics and to outfit my Studio Bricks booth.

Compiling the receipts at year-end was a nightmare.

Throughout the year, make sure to log all your purchases on an expense list, even anything paid by a credit, because credit charges won’t necessarily show up on your PayPal or bank account statement, if you’re paying from a store credit outright.

Further, I was writing down all expenses, then reconciling them with PayPal AND my bank accounts and credit card.

However, the bank and PayPal statements are as accurate as you’re going to get, so writing everything down ended up being redundant. Time saver for next year.

AND DID YOU ...?

More tips ...

On your expense list, include your PayPal fees as Bank Fee expenses.
Did you classify any of your equipment as capital expenses? Create a separate spreadsheet for Capital expenses, unless your software provides a balance sheet.
Don’t forget to add your accountant’s fees from last year.
Did you hook up your bank account to your accounting software (like FreshBooks) and reconcile to make sure nothing has been entered twice through user error? You can create your own categories in FreshBooks, in addition to the ones they have.
I reviewed all the categories and streamlined them to make it easier for my accountant and me to communicate.
Did you add all the expenses you incurred when you went on a trip to a conference, adding meals, accommodations, taxis, parking, etc.?
Break down all your equipment or office supply receipts so everything is itemized.
Do you have all your receipts organized in case of audit?

FOR CANADIANS ONLY ...

Do you need to break out any HST/GST on the expense receipts and include in your books?
Did you reconcile all US expenses to Canadian dollars with the Bank of Canada rates?
Click here for a link to the Monthly Average Exchange Rates from the Bank of Canada.
Print out or write down the Bank of Canada monthly exchange averages for the year, so you can refer to it easily.

In all my wisdom, I’m going to finally set time aside each month to do the previous month’s expenses. I’ve been saying it every year, but this time it’s for reals!
-------------------------
ABOUT NATASHA
A broadcast and non-broadcast voice talent, Natasha Marchewka has recorded 10,000+ commercials and voice over projects over the span of 11 years, and has grown her business exponentially through referrals from happy clients throughout North America and around the globe. Her clients range from World Vision to major brands like Electrolux, and from local businesses to international organizations. After a Bachelor’s degree in Radio Television Arts, several years of singing in New York, and many jobs paying her dues, Natasha started her business with a six month-old in the background. As an at-home entrepreneur, she has also moved to three different countries within 10 years with two kids, two pets, and a husband in tow. She practices Yoga to quieten the crazy.

Email: natasha@natashamarchewka.com
Web: www.natashamarchewka.com

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Comments (1)

Amy Weis

3/18/2017 at 5:19 PM

Thanks, Natasha! Yep...every year my self-employed hubby and I vow that we will keep track of things and reconcile on a MONTHLY basis -- FOR REALS! :-)

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