A Short (But Useful) Guide to Not Getting Screwed By the IRS
Advice for filing taxes, plus planning for them year round
By Margaret Rhodes
With tax deadlines on the horizon, we’re shifting our attention — albeit, just slightly — away from type design and smart graphics, and towards money and the IRS. It’s been said that taxes are certain. What’s less certain is how to do them, especially if you’re a freelancer, small studio owner, or just so extremely right-brained you can’t tell a pay stub from a 1099.
Because of the Covid-19 outbreak, the IRS shifted this year’s tax deadline from April 15 to July 15. If you’re all set, you can still proceed with your return as if the April 15 deadline is still in effect; if you need a bit more time, now you’ve got it. Whatever your situation, to guide you in the right direction, we consulted with three seasoned accountants, all of whom have (and love) designer clients. They passed on handy instructions and salient advice for filing annual taxes, as well as planning for them year round. Without further ado, here’s how to not get screwed by the IRS…
First, some general advice:
Are you a freelancer or an employee? If you’re an employee (with no extra side income or mortgages) you get a W2, and can submit it via…
