While freelancing can have a large numbers of benefits and upsides, one thing that’s a big trickier to deal with as a freelancer is taxes. They aren’t deducted from your check automatically, so you have a lot of figuring up to do on your own come tax time.
Fortunately, the article below is here to help. It goes through five basic but important aspects of dealing with taxes as a freelancer one at a time, offering plenty of advice to help make taxes a less stressful time of year for your freelance business.
Most people that receive a salaried paycheck are probably less interested in taxes than the average freelancer. If you’re self-employed, taxes can get really interesting because paying Uncle Sam is something that you must plan for, not something that happens automatically. If you don’t, you run the risk of being hit in the face at tax time with a big debt. Like I was.
While I’m not an accountant, I’d like to share some of the things I’ve learned about the U.S. tax system and the real price of existing within the gig economy.
Read full article: Know these 5 basics about freelance taxes