Wednesday May 7 2018
Guest speaker Lisa Sanchez
Bookeeper
this evening Mrs Sanchez was in class to share some information when you freelance your Graphic Design Business, one thing was that invoices are very much needed when doing design work for a client and sending out the invoices showing the time spent on your creative work in order to get paid for your work.
Mentioned keep the invoice simple as possible. Always make sure to tax your work if you fabricated it, something like stationary with a logo. If its a digital file its taxable. If you print it then give it to the client then its taxable.you must register with your business with the California Department of Tax and Fee Administration to get a TIN Tax Identification Number. You must charge tax for the region of San Diego or San Diego Counties that the client is located in, each area has a a different tax charge so must charge accordingly for what ever area. To have a business license you must have a business name. In order to get paid by a client you must fill out the W-9 the client gives you after they receive their invoice in order to get paid. If the work is over $650 they will (the Client) the state and the IRS at the end of the year. They client will report how much they paid you so its best to report all the money you charge for. You must have and keep all you records for at least 7 years so its best to have a detail filling system to keep track of the paper trail. have and keep a client file for the year to keep all the contracts and invoices of all the work you did for them. When you start making big money like around $150-$200,000 a year its better to switch from a Sole Proprietor to a Corporation. Quickbooks is the best app to use for you tax purposes, Quicken is also a good app to use.
Guest speaker Lisa Sanchez
Bookeeper
this evening Mrs Sanchez was in class to share some information when you freelance your Graphic Design Business, one thing was that invoices are very much needed when doing design work for a client and sending out the invoices showing the time spent on your creative work in order to get paid for your work.
Mentioned keep the invoice simple as possible. Always make sure to tax your work if you fabricated it, something like stationary with a logo. If its a digital file its taxable. If you print it then give it to the client then its taxable.you must register with your business with the California Department of Tax and Fee Administration to get a TIN Tax Identification Number. You must charge tax for the region of San Diego or San Diego Counties that the client is located in, each area has a a different tax charge so must charge accordingly for what ever area. To have a business license you must have a business name. In order to get paid by a client you must fill out the W-9 the client gives you after they receive their invoice in order to get paid. If the work is over $650 they will (the Client) the state and the IRS at the end of the year. They client will report how much they paid you so its best to report all the money you charge for. You must have and keep all you records for at least 7 years so its best to have a detail filling system to keep track of the paper trail. have and keep a client file for the year to keep all the contracts and invoices of all the work you did for them. When you start making big money like around $150-$200,000 a year its better to switch from a Sole Proprietor to a Corporation. Quickbooks is the best app to use for you tax purposes, Quicken is also a good app to use.
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