Monthly Archives: December 2020

Freelance Taxes: What Every Freelancer Needs to Know

Running your own freelance business comes with judi online a lot of freedom. It’s exhilarating to set your own hours, be your own boss, select your own clients, and decide which projects you want to pursue or pass on. In fact, about 57 million people – or 35% of the U.S. workforce – perform freelance work, whether as a temporary situation, side gig or long-term career path, according to the 2019 Freelancing in America survey.

However, freelancing comes with its share of challenges, from negotiating a fair price for your labor to worrying about where your next job will come from, and even if it will come at all.

One area many freelancers don’t think much about is paying taxes. New freelancers, especially those who had traditional jobs with a company until recently, are accustomed to their employer automatically making deductions from their paychecks. However, the self-employed are responsible for staying on top of their tax obligations and figuring out what they owe and when they need to pay it on their own.

For freelancers and independent contractors, tax time isn’t once a year – it’s always on the horizon. These tips from tax experts will help you prepare for tax season and beyond.