How to Solve Freelance Tax Problems

Taxes

by Thursday Bram When something goes wrong with an employee’s taxes, her employer is often responsible when everything is said and done. For freelancers, though, no employer is going to take the time to correct errors. That means that you have to take responsibility for making sure that all of your paperwork is in order and, if it isn’t, that you take the right measures to keep the IRS happy. Contact the IRS Staying in touch with the IRS can simplify most of the problems a freelancer can face when it comes to taxes. In most situations, such as late [Read more…]

Easy to Forget Income Tax Deductions

Taxes

by Thursday R. Bram One of the perks of being a freelance writer is that we don’t have a lot of major expenses when we start up our businesses. When I started freelancing, I already had a computer and an internet connection. Just because we start out with very few expenses doesn’t mean that we can’t take deductions for our business expenses when tax season rolls around. We all know the standard deductions: the home office expense, any computer equipment bought specifically for business use and that sort of thing, but there are a lot of deductions that are easy [Read more…]

Freelancers and Taxes Part 2: Introduction to Quarterly Taxes

by Thursday Bram The biggest difference between doing your taxes as an employee and doing them as a freelancer, at least in the U.S, is figuring out just what to do about quarterly estimated income tax. Since your clients pay you as a contractor, rather than an employee, they do not make sure that the IRS receives your payroll taxes. Instead, you’re responsible for sending in a check every quarter for a fourth of the amount you expect to owe at the end of the year. Not Every Writer Has To Pay Quarterly Estimated Taxes In general, it seems like [Read more…]

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