How to Get Your Taxes Right

1/17/19 - You might be scared. Or you might be gearing up to beat the IRS at its own game. Maybe you're dipping your toe into freelance work and don't know what to ask. We talk to Claudia Yi León, the mastermind behind @TaxesforArtists to break it all down. She's accounting Xanax and we promise you will walk away with a good tidbit, whether you're terrified or all-too-well informed about managing your tax situation.

Transcript below.

Listen on Apple Podcasts | Stitcher | Overcast | Pocket Casts | Spotify.

Producer: Gina Delvac

Hosts: Aminatou Sow & Ann Friedman

Theme song: Call Your Girlfriend by Robyn

Composer: Carolyn Pennypacker Riggs.

Associate Producer: Jordan Bailey

Visual Creative Director: Kenesha Sneed

Merch Director: Caroline Knowles

Editorial Assistant: Laura Bertocci

Design Assistant: Brijae Morris

Ad sales: Midroll

Taxes for Artists

IRS.gov has more and better info than you think!

Doing your taxes for free

Starting a business

IRS Data Book

Tips for tracking expenses:

Wave Apps

Mint.com

Get a separate credit card for business or freelance related expenses

Types of business entities:

S-corp

C-corp

LLC (partnership or can file as S-corp)

Sole proprietorship

Do you need an entity?

Are you operating solo and not likely to get sued? maybe not

Are you operating solo and making loads of money and/or likely to get sued? maybe yes

Are you in a partnership (working with collaborators)? YES

Red flags with tax preparers:

Get full scope of services in writing

A paid tax preparer should sign your return

A paid tax preparer should give you a copy of your return

A paid tax preparer should not base their pay structure on size of return they get for you

We say goodbye, in the final episode of Call Your Girlfriend. In typical fashion, we're going out talking about how friends have been helping us get through the pandemic, the never-ending furor over Joe Rogan, and what podcasts we're loving. If you're looking to subscribe to something new, check out Do You Know Mordechai, Sweet Bobby, and Like a Virgin. Plus, what we're going to do next, and some of your voicemails.

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