Craig Toberman shares his thoughts about mistakes freelancers can avoid in the article “Top Mistakes Freelancers Make When Filing Their Taxes” in Financial Advisor.
"Workers who combine the two may overlook possible tax deductions for business costs, said Craig Toberman, founder of Toberman Wealth in St. Louis. That means you could end up paying more taxes then necessary. On the flip side, combining accounts could also lead to incorrect deductions, especially for easily mixed-up costs like travel and meals. Be clear in your own mind and in your records whether an expense is business or personal. Toberman, for example, uses a mileage-tracking USB from TripLog, which plugs into his car and allows him to categorize drives as business or personal."
If you are interested in discussing more about tax planning with Craig Toberman, please book a call with him.
Craig Toberman is the Founder of Toberman Wealth – a fee-only, fiduciary financial advisor based in St. Louis. He assists families and businesses with strategic financial planning and long-term wealth management. He has over a decade of experience in financial services and has crafted custom financial plans for hundreds of families and businesses.
Craig received a Bachelor of Science (B.S.) degree in Agricultural and Consumer Economics from the University of Illinois and a Master of Business Administration (M.B.A.) degree in Finance from Saint Louis University. He is a Certified Financial Planner (CFP), Chartered Financial Analyst (CFA) charterholder, and Certified Public Accountant (CPA).
Craig is a member of the National Association of Personal Financial Advisors (NAPFA), Fee-Only Network, and XY Planning Network.
Craig lives in the greater St. Louis area with his wife, Ally and son, Hank.