What Freelancers Need to Know About Income Taxes
Posted January 18, 2013 in Accounting/Bookkeeping
If you’re a freelancer in the United States, it’s time to think about income taxes again.
There are some major differences between filing U.S. income taxes as an employee and filing them as a freelancer. Often, these differences take new freelancers by surprise–but it doesn’t have to be that way.
If you’re a new to freelancing this year, or if you just need a reminder about some of the tax differences–this post is for you. I’ll outline some of the major tax differences for freelancers.
(Note: This post is not specific income tax advice for your situation. Rather, consider it to be a very general overview of some tax issues that many freelancers faced when this post was written.)
Tips and Guidelines for Smarter Price Estimates
Posted February 27, 2012 in Accounting/Bookkeeping
When you are building a price sheet it can be a struggle to match costs with efficiency. Prices are always changing based on quality and brand recognition. As a small freelancer you probably won’t have much branding, but this isn’t an excuse to lower your standards into accepting a smaller income.
These tips below should get you thinking about estimates for project work. All freelancers must come to terms with the monetary aspect of the job. It’s part of our duty in supporting the client – plus we all need to pay bills. Guidelines are merely limits to follow and not set in stone. Peruse your own path in coming up with a pricing sheet that works best for you.
Which Business Structure Maximizes Your Freelance Tax Benefits?
Posted November 2, 2011 in Accounting/Bookkeeping, Getting Started
When forming any business, it’s important to consider the legal formation of the business early on. In freelancing businesses in particular, there are specific tax ramifications to the legal business structure that you select. This is particularly true in the U.S., and may be true elsewhere as well.
There are three main types of legal forms of business to consider when starting a freelancing business. These types include sole proprietorships, partnerships, and corporations. In this post, I’ll discuss two of these three types of business in detail.
It’s Never Too Early to Think About Taxes
Posted October 27, 2011 in Accounting/Bookkeeping, How-To
While April 15 seems like an eternity from now, it never hurts to be on top of your tax game.
For the freelance writer, he or she should be focusing in on their tax information throughout the year, not just panicking the week before taxes are due. Often, freelancers come running to their tax person weeks or days before the April filing deadline with loads of notes, receipts and more. That’s when the fun (not really) begins.
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