During the COVID-19 pandemic, many freelancers will lose projects and clients. It is important to track these losses and maintain a record of them for both taxes and any project funding that may be associated.
These losses can include a wide variety of aspects of your work but some to consider include:
- Income or hours worked over the past six months, recorded on a weekly basis
- All emails or other communication notifying you of cancellation of a project or closure
- All regular operating expenses that you continued to pay after the cancellation of projects (ie. health benefits, insurance, software subscriptions, services)
- Expenses incurred as part of the projects (ie. font purchases, material purchases, insurance riders, non-refundable deposits)
For more information:
For further information, visit Generetor’s post on tracking financial losses for artists and download ArtsLinkNB’s Excel template. Both are applicable to a wide variety of freelancers.