Comments on: The Seven Deadly Sins of Freelancing Part 3 – Failure To Plan Your Business http://freelancefolder.com/the-seven-deadly-sins-of-freelancing-part-3/ The Blog For Freelancers And Web-Workers Mon, 15 Mar 2010 17:34:01 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: Lois K http://freelancefolder.com/the-seven-deadly-sins-of-freelancing-part-3/comment-page-1/#comment-13981 Lois K Fri, 11 Jul 2008 02:23:57 +0000 http://freelancefolder.com/?p=812#comment-13981 Excellent article as usual Bob! However one tiny thing I found out for myself last year. On the taxes, if you make below a few hundred per year, you can claim it at the end of the year and pay your taxes once. It only works for part timers, If you even think you will make more, make the estimated tax payments! Lots less headaches! Excellent article as usual Bob! However one tiny thing I found out for myself last year. On the taxes, if you make below a few hundred per year, you can claim it at the end of the year and pay your taxes once. It only works for part timers, If you even think you will make more, make the estimated tax payments! Lots less headaches!

]]> By: Redbyte http://freelancefolder.com/the-seven-deadly-sins-of-freelancing-part-3/comment-page-1/#comment-13980 Redbyte Fri, 11 Jul 2008 01:39:19 +0000 http://freelancefolder.com/?p=812#comment-13980 This is a great series of articles. Gonna print these out, staple them and put them in my filing cabinet, just in case you decide to take down this dynamite! This is a great series of articles.

Gonna print these out, staple them and put them in my filing cabinet, just in case you decide to take down this dynamite!

]]> By: Allena T http://freelancefolder.com/the-seven-deadly-sins-of-freelancing-part-3/comment-page-1/#comment-13973 Allena T Thu, 10 Jul 2008 17:40:57 +0000 http://freelancefolder.com/?p=812#comment-13973 Oh hi BOB FROM MICHIGAN! What's going on Bob from Michigan? It's Allena from Michigan here. I do not know HOW I maanged to miss the first part of this series. I am very very guilty of sin #1.Great series, I shall not miss any more of it. PS- Are these sins still "deadly" if I'm atheist? Just wondering. Oh hi BOB FROM MICHIGAN! What’s going on Bob from Michigan? It’s Allena from Michigan here.

I do not know HOW I maanged to miss the first part of this series. I am very very guilty of sin #1.Great series, I shall not miss any more of it.

PS- Are these sins still “deadly” if I’m atheist? Just wondering.

]]> By: Melek http://freelancefolder.com/the-seven-deadly-sins-of-freelancing-part-3/comment-page-1/#comment-13972 Melek Thu, 10 Jul 2008 17:38:43 +0000 http://freelancefolder.com/?p=812#comment-13972 Alex - we don't pay taxes 4x a year...but if you aren't taking out payments for the IRS on a regular basis (like you would if you received a normal W2 form), then you have to pay the government estimated payments based on what you THINK you're going to make. you pay them 4x a year and then hopefully that keeps you from owing a huge amount come tax day. give them too much and you get a refund. dont give them enough, and well, you can guess what happens. Alex – we don’t pay taxes 4x a year…but if you aren’t taking out payments for the IRS on a regular basis (like you would if you received a normal W2 form), then you have to pay the government estimated payments based on what you THINK you’re going to make. you pay them 4x a year and then hopefully that keeps you from owing a huge amount come tax day. give them too much and you get a refund. dont give them enough, and well, you can guess what happens.

]]> By: Bob Younce at the Writing Journey http://freelancefolder.com/the-seven-deadly-sins-of-freelancing-part-3/comment-page-1/#comment-13971 Bob Younce at the Writing Journey Thu, 10 Jul 2008 15:39:16 +0000 http://freelancefolder.com/?p=812#comment-13971 @ Nicole - you're welcome. I'm glad you're enjoying the series. @ Liam. The good news is that it is possible to regain lost ground, as long as you get to it! @ James - Excellent perspective, as always. And I'm sure you've missed an opportunity somewhere. Not sure where, though :) @ Dave - That's why we need 30 hour days, no? @ Alex check out the <a href="http://www.irs.gov/businesses/small/article/0,,id=110413,00.html" rel="nofollow">IRS web site</a> or talk to any accountant familiar with small business. You have to send in income tax estimates quarterly. @ Nicole – you’re welcome. I’m glad you’re enjoying the series.

@ Liam. The good news is that it is possible to regain lost ground, as long as you get to it!

@ James – Excellent perspective, as always. And I’m sure you’ve missed an opportunity somewhere. Not sure where, though :)

@ Dave – That’s why we need 30 hour days, no?

@ Alex check out the IRS web site or talk to any accountant familiar with small business. You have to send in income tax estimates quarterly.

]]> By: Alex the Freelance Twin http://freelancefolder.com/the-seven-deadly-sins-of-freelancing-part-3/comment-page-1/#comment-13970 Alex the Freelance Twin Thu, 10 Jul 2008 15:30:38 +0000 http://freelancefolder.com/?p=812#comment-13970 I didn't know in the USA you had to do taxed quarterly, where did you hear that from? I thought, business and people, were required to do it once a year on tax day, not 4 times a year. I didn’t know in the USA you had to do taxed quarterly, where did you hear that from? I thought, business and people, were required to do it once a year on tax day, not 4 times a year.

]]> By: Dave Navarro http://freelancefolder.com/the-seven-deadly-sins-of-freelancing-part-3/comment-page-1/#comment-13969 Dave Navarro Thu, 10 Jul 2008 15:16:38 +0000 http://freelancefolder.com/?p=812#comment-13969 Good points all. I know the overcommitting part all too well :-) Good points all. I know the overcommitting part all too well :-)

]]> By: James Chartrand - Men with Pens http://freelancefolder.com/the-seven-deadly-sins-of-freelancing-part-3/comment-page-1/#comment-13966 James Chartrand - Men with Pens Thu, 10 Jul 2008 13:38:04 +0000 http://freelancefolder.com/?p=812#comment-13966 Taxes, yes. I have to pull 10k out of my butt by September when I was only expecting to pay 5k. Oh joy for anticipated tax payments, thank you CANADA! (please detect sarcasm). Liability. Been there, done that. I was right, he was wrong, but it didn't matter. It LOOKED wrong, and that's all it takes. Be ready to not be indignant, remain calm and provide diplomatic backup. Unexpected fortune. Ohmigod. Where should I start? I planned to be famous. I didn't really PLAN for dealing with fame. Unexpected misfortune. I'm lucky here. I have Harry for backup and he has me. But had we been solo entrepreneurs, we would've been screwed. Be prepared, because it WILL happen to you. Missed opportunities. Wait - hold on. Are you serious?! I MISSED one? No no no no... can't be... ;) Taxes, yes. I have to pull 10k out of my butt by September when I was only expecting to pay 5k. Oh joy for anticipated tax payments, thank you CANADA! (please detect sarcasm).

Liability. Been there, done that. I was right, he was wrong, but it didn’t matter. It LOOKED wrong, and that’s all it takes. Be ready to not be indignant, remain calm and provide diplomatic backup.

Unexpected fortune. Ohmigod. Where should I start? I planned to be famous. I didn’t really PLAN for dealing with fame.

Unexpected misfortune. I’m lucky here. I have Harry for backup and he has me. But had we been solo entrepreneurs, we would’ve been screwed. Be prepared, because it WILL happen to you.

Missed opportunities. Wait – hold on. Are you serious?! I MISSED one? No no no no… can’t be… ;)

]]> By: liam http://freelancefolder.com/the-seven-deadly-sins-of-freelancing-part-3/comment-page-1/#comment-13964 liam Thu, 10 Jul 2008 10:49:35 +0000 http://freelancefolder.com/?p=812#comment-13964 Great points Bob, really helpful. I think there's a few things I need to get sorted before its too late :) I never realised just how important planning was until I become a freelancer, but it's something you realise the importance of quite quick. Great points Bob, really helpful. I think there’s a few things I need to get sorted before its too late :) I never realised just how important planning was until I become a freelancer, but it’s something you realise the importance of quite quick.

]]> By: Nicole Leon http://freelancefolder.com/the-seven-deadly-sins-of-freelancing-part-3/comment-page-1/#comment-13963 Nicole Leon Thu, 10 Jul 2008 10:48:36 +0000 http://freelancefolder.com/?p=812#comment-13963 Thank you for posting this as I am technically a beginner to writing for pay. I have been taking out an estimated amount of my earnings for taxes, so that when it is time for me to do taxes i will have the funds to pay for my taxes. If I have any extra amount available it will go into my savings plan. I look forward to reading the remainder of this special series and continuing in learning more as i go through the process of seeing what my talents and abilities are as a writer. Thank you for posting this as I am technically a beginner to writing for pay. I have been taking out an estimated amount of my earnings for taxes, so that when it is time for me to do taxes i will have the funds to pay for my taxes. If I have any extra amount available it will go into my savings plan.

I look forward to reading the remainder of this special series and continuing in learning more as i go through the process of seeing what my talents and abilities are as a writer.

]]>