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Expenses! Billing Help for Independent Contractors
Keeping track of client expenses can be a ball and chain at times, but getting your money back for those client-related phone calls and trips to the printer or FedX is a vital part of your billing process. Those types of expenses really add up, and billing clients in a timely and accurate manner will get that hard cash back in your biz.
As an independent contractor (IC), you're allowed by the IRS to be reimbursed for those expenses you incur that are directly related to your work for a client, like traveling expenses, phone calls, and shipping costs. On the other hand, the IRS frowns on you getting reimbursed for your normal fixed overhead costs, like rent, internet fees, or equipment.
So, when it comes time to bill your clients for a project or hours worked, be sure to include the expenses too. If you use a standard invoice to bill clients, you can list your expenses separately on that form; however, if you have several expenses and prefer to, you can use the sample Expense Billing Invoice and attach it to your standard invoice.
- Remember to always provide copies of receipts supporting each of your expenses. Your clients need these for their records too.
- Keep copies of your expense billing invoices so you know the annual total at tax time.
- Once you get your feet wet in the self-employed world, start figuring out your fees so they automatically cover such expenses and then you can toss this expense invoice right out the window! Oh, what a feeling!
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