Freelancing Tips
Financial Tips For Freelancers
Taxes and Retirement Savings
For freelancers (or self employed) there are two critical financial areas to pay attention to: Taxes and Retirement Saving.
I am not a tax person or an accountant but I have been self-employed for 28 years and I’d like to share some of what I have learned.
I’ll be discussing some basic ideas to get you started. But you will want to do a lot more research. You will not find all your answers in one place.
Taxes
Let’s address taxes first.
My first suggestion is to hire a professional tax person or accountant to do your taxes. There’s way too much that could possibly be missed using something like Turbo Tax and doing it yourself. Especially since the laws constantly change.
Another advantage of having a tax person is they can help you accurately figure out what your estimated quarterly tax burden will be.
That is my next suggestion. Pay your Federal and State taxes quarterly. Do not wait until the end of the year and get hammered all at once.
Quarterly Federal taxes are due April 15, June 15 (I know crazy-two months later.), September 15 and January 15.
