FREELANCE TAX CHECKLIST
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A complete checklist for freelancers to stay on top of taxes year-round.
Free resource from SoloStack — solostack.madethis.app/resources/freelance-taxes-guide


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TRACK ALL INCOME SOURCES
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□ Collect all 1099-NEC forms from clients (sent by Jan 31)
□ Track PayPal/Venmo/Cash App payments (taxable even without a form)
□ Record all invoice payments in accounting software
□ Track income from platforms: Upwork, Fiverr, Toptal, etc.
□ Note any barter transactions or non-cash compensation
□ Record all partial payments, deposits, and installments separately
□ Keep a running total of gross income by quarter

IMPORTANT: You owe taxes on ALL freelance income, even if you don't
receive a 1099. Clients who pay under $600/year aren't required to send
one — but the IRS still expects you to report it.


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DOCUMENT EXPENSES MONTHLY
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□ Export bank/credit card statements monthly
□ Categorize all business expenses (see Freelance Tax Deductions List)
□ Photograph or scan all receipts over $75
□ Note the business purpose on each receipt
□ Log mileage for any client-related driving (IRS rate = 70 cents/mile for 2025)
□ Track home office use (sq footage of dedicated workspace ÷ total home sq footage)
□ Record phone/internet business-use percentage
□ Log professional development purchases (courses, books, conferences)
□ Track software and subscription renewals


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QUARTERLY ESTIMATED TAX DATES
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Q1 (Jan 1 – Mar 31)   → Due: APRIL 15
Q2 (Apr 1 – May 31)   → Due: JUNE 15
Q3 (Jun 1 – Aug 31)   → Due: SEPTEMBER 15
Q4 (Sep 1 – Dec 31)   → Due: JANUARY 15 (following year)

For each quarter:
□ Calculate estimated payment (see Quarterly Tax Calendar)
□ Pay via IRS Direct Pay at irs.gov/payments
□ Save confirmation number from IRS Direct Pay
□ Record payment in your bookkeeping software
□ Set a calendar reminder for the next quarter's due date


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YEAR-END PREP (December – January)
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□ Reconcile all bank and credit card statements
□ Verify all income is recorded and matches 1099s received
□ Review expense categories for anything missed
□ Make any last-minute deductible purchases (equipment, subscriptions, etc.)
□ Make SEP-IRA or Solo 401(k) contributions (deadline is your tax filing date)
□ Collect W-9 forms from subcontractors you paid $600+
□ Issue 1099-NEC forms to subcontractors (due Jan 31)
□ Update your home office square footage if anything changed
□ Export year-end P&L report from accounting software


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CPA PREP CHECKLIST
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Gather these before your tax appointment:

□ All 1099-NEC forms received
□ Profit & Loss statement for the year (from accounting software)
□ List of all quarterly estimated tax payments made (with dates and amounts)
□ Home office details: sq footage of office, total home sq footage, annual rent/mortgage
□ Vehicle log (if claiming mileage): total miles driven for business
□ Health insurance premiums paid (if self-employed)
□ Retirement contributions: SEP-IRA, Solo 401(k), or IRA amounts
□ Prior year tax return (for reference)
□ Bank statements (full year)
□ Any state and local tax documents
□ Investment account statements (1099-DIV, 1099-B) if applicable


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IMPORTANT REMINDERS
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• Set aside 25–30% of every payment into a separate "Tax Savings" account
• Self-employment tax is 15.3% (12.4% SS + 2.9% Medicare) — on top of income tax
• You can deduct half of your self-employment tax on your income tax return
• Missing quarterly payments = small underpayment penalty (~6% annualized)
  It's not catastrophic — just pay the next quarter and catch up
• Keep tax records for at least 3 years (7 years if you underreported income)


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FREE RESOURCES
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• Freelance Tax Deductions List → solostack.madethis.app (free download)
• Quarterly Tax Calendar → solostack.madethis.app (free download)
• Income & Expense Tracker → solostack.madethis.app/resources/freelance-budget-template
• Invoice Templates → solostack.madethis.app/resources/freelance-invoice-tips

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solostack.madethis.app — Templates for freelancers and solopreneurs
This file is free to download, use, and share.
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