How Do You Handle Taxes?

I write down the details of every project on color-coded index cards, including the date assigned, completed and paid. I write the amount paid and amount deducted for any fees (Elance, Guru, Paypal). At the end of the year I separate the cards according to clients who send me 1099s and those who don’t. The ones not included on a 1099 are lumped together as miscellaneous income.

Keeping track of expenses is key to reducing the tax burden. I use a small business tax program and do my taxes myself. Quarterly payments are estimated based on the prior year’s income.
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Hana Haatainen Caye has a full-time writing (and voice-over) business and is paid on a regular basis for her writing. She is a regular contributor for Pinpoint Publications, has sold over 60 poems (being paid anywhere from $30/poem for a collection of 30 poems to $200 for a single poem). Clients hired Hana to write eulogies, press releases, SEO web content, blogs, speeches, YouTube scripts, comedic monologues, short stories, ebooks, on hold messages, sales letters, sales scripts and countless articles.