Year-End Tips For Freelancers

It’s almost 2013, and since the world hasn’t ended, if you freelance, you’d best consider how to close out the year in the best way possible. Here are a few tips culled from the Web:

  • If you’ve had a good year, buy some stuff you need. If you make the business purchase on your credit card before the year’s up, it counts as an expense for 2012, even if you don’t pay the bill until the next year, says attorney Julian Block. (Exception: store credit cards. Seriously.)
  • Again, if your year was great and you expect next year to be slower, hold off on invoicing for some things until the new year. You can spread out your tax liabilities this way.
  • Sock some money away for retirement. You can actually contribute to an IRA through April 15 of next year, so this one isn’t as important.
  • Fire a time-consuming, annoying, or cheap client. It’ll feel great.
  • Consider raising your rates. Even if you’re paying all your bills, you could always afford to save a bit more for retirement–or work a little less each week.
  • Figure out where your money comes from. If you’re relying on one or two big clients, perhaps it’s time to diversify a bit and target new markets. If all your money is coming from writing articles, maybe you’ll want to consider selling e-books or starting an ad-supported blog.
  • Finally, it’s time to set new goals for the next year. Did you make the money you wanted to? Did you work on the types of projects you wanted? If you didn’t, now’s a good time to start thinking about how to make it happen in 2013.

Best of luck, gig economy workers!

Publish date: December 27, 2012 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT