spreadsheet for independent contractor expenses

#SPREADSHEET FOR INDEPENDENT CONTRACTOR EXPENSES SOFTWARE#
#SPREADSHEET FOR INDEPENDENT CONTRACTOR EXPENSES FREE#

Get in to see your accountant ASAP so you can determine whether or not you owe or are getting a refund. You probably don’t understand IRS codes like CPA’s do, so it’s best to leave the filing of your taxes to someone who does. Remember, a CPA is the expert required to stay up to date with the latest in accounting and taxes. He or she could save you money and get you an even bigger tax break than expected. Hire a Certified Public Accountant (CPA)Īs one of the most critical tax tips for travel agents, hiring a CPA (certified public accountant) is one of the smartest things you can do as an independent travel agent.Office supplies can also be written off, so definitely keep your receipts from purchasing pens, paper, ink, toner, notepads, and anything else you use in your business.ĭon’t overlook this tax tip for travel agents, because up to $500,000 can be written off in this category! The term “capital expenditures” is also known as the less-formal, “equipment and supplies” and includes items that don’t need replacing each year, including: Capital Expenditures Apply to Your Business.Keep in mind, this deduction requires you use your home office exclusively for work, not for arts and crafts, guests, or as a home gym. You are allowed to deduct $5 per square foot of office space, up to $1500. And don’t forget: keep your receipts!īecause independent travel agencies are often home-based, an excellent tax tip for travel agents is to take the home office deduction. Check with a CPA to see what write-offs you may be missing. This is just a short-list of often-ignored deductions. Educational Expenses (Conferences, Conventions, & Seminars).If you are 59.5 years old or older, you can deposit money into your IRA before April 15 th, claim the deduction, and withdraw at a later date without penalty. IRA/401K Contributions: If you haven’t maxed out your IRA or 401(k) contributions, consider adding a little more before April 15th.It’s best to ask a certified public accountant about this. Car Insurance: If you have a brick and mortar travel agency with a commercial vehicle, you may be able to deduct the insurance.Here are just a few of the most overlooked deductions: Perhaps the most money-making tax tip for travel agents is this: take everything you’re allowed to take! You may not be aware of how many deductions are available to you.

#SPREADSHEET FOR INDEPENDENT CONTRACTOR EXPENSES FREE#

IDrive: Free and paid versions are available with 1TB of storage space.Carbonite: Costs starting at $59.99 with unlimited storage space.You may want to invest in data backup services to ensure your data is secure.

#SPREADSHEET FOR INDEPENDENT CONTRACTOR EXPENSES SOFTWARE#

Whether you use cloud-based software like TravelWorks or keep files on your computer, make sure your valuable files are protected. Tax tip for travel agents #2 piggybacks the first tip. With the click of the button, you can print out reports and use them to prepare and file your taxes. Use software such as QuickBooks or Excel to keep a running total of expenses. Create computer file folders to organize all of your information by client, resort, cruise line, and any other destination and back up those files with physical file folders, because it’s always good to have backups. If you find yourself sifting through papers or tearing through boxes to find information, you need to get organized. Without further ado, here’s our list of top tips for travel agents: Our top tax tips for travel agents are not only easy to understand, but they may even save you money and give you a bigger tax break. Being audited is something you definitely don’t want.įiling taxes for your independent, home-based travel agency doesn’t have to be a daunting task. You don’t want to receive a phone call or letter from the IRS. Whatever you do, don’t ignore your taxes. Just take a breath and calm down because we’ve got 15 tax tips for travel agents to make tax time less stressful.īefore we dive into our helpful tax tips for travel agents, we need to stress something extremely important: The thought of having to prepare and file your taxes for your independent travel agency may send you a panic.

Spreadsheet for independent contractor expenses