I’m new to freelancing. Does anyone have any tips/resources to figure out how to do taxes?

like
Posting as :
works at
You are currently posting as works at

Incorporate. S Corp. Hire a CPA. Painless

like

Yep ☝️. Form an LLC. Talk to an accountant. They’ll tell you everything you need to do. Look into some accounting software to track your invoicing. There are some free options out there for small businesses.

like

Befriend Excel or Numbers.
Keep track of everything! I mean literally everything, everything including how many miles you drove that day, etc.
Keep track of all income and dates.
Take scans of every paycheck.
Expenses, keep ALL receipts. Keep track of those. Write them down ASAP, it’s easy to forget that you bought a client a coffee, etc.
Get a new bank account.
Get a new business credit card, helps keep things separated and not messy.
Talk to an accountant.
Put aside 30-35% for taxes and filing fees. And social security money.
And see about health insurance, you’ll need to pay your own.

Good luck!

like

You don’t necessarily have to form an LLC. Just pay 30% every quarter, so you don’t owe squat at the end of the year. Familiarize yourself with everything you can write off as a business expense. Definitely get a CPA.

like

Oh and quarterly taxes. You should/have to do those.

like

If you get paid in w-2s you don't have to do anything crazy. But if they 1099 you, be prepared to set roughly 30% aside for quarterly payments or outright payment.

like

More likely you'll get put on their payroll as a W2. If that is the case taxes work the same as it did when you were full-timer.

You'll miss out on the fun deductions like mileage, work attire, equipments, etc. but less of a hassle.

Good luck! I'm also new to freelancing and about to start my perma-lance gig soon!

like

Related Posts

What is your top stock trading platform? I use Ally invest and Robinhood. Not happy with both. Looking for a platform with low fees, fractional shares and solid analytics. Thanks in advance

like

Curious of the retirement benefits at your firm...go!

Deloitte: 1.5% salary match paid out once a year, fully vested after 4 years. Defined benefit pension plan, fully vested after 3 years

like

Hello I just started my first job (I’m 22) and I need to set up a 401k for matching with my company. I’m really confused how this works because I want to try to hit the IRS maximum of $19,500 for Roth contributions this year. Maybe it’s too late in the year now, but it’s asking me to pick my desired contribution % per pay period, but I’m not sure how much to do because it says it’ll kick in 1-2 pay cycles and I don’t even know when the next pay check comes yet. Any tips would be great

like

Is a 49% debt to income ratio doable for someone who lives very frugally?

like

Have 50k in brokerage to put towards buying a place in Atlanta. Young 20 something who's lease is ending soon

Roth IRA and 401k are well funded but don't want to pull from there.

Should I buy and rent the extra bedrooms to friends, or stay renting and put savings in stock market?

like

Does anyone have any book recommendations for information on buying a house?

like

Does anyone think Biden will *not* further extend the pause on student loan payments until after the election?

likehelpful

The basis of my bitcoin investing thesis

Post Photo
likefunny

For USI Onsite folks,

Has anyone received the tax filings from Deloitte yet? I had submitted everything in January but haven't received anything after that

like

Any investors in the woodlands Texas for single family homes, rent looks good as per Zillow , good school district and houses are still affordable compared to Dallas and Austin

like

Is it too late to buy the FAANG stocks? Still feel that Amazon and Google are undervalued.

like

Best credit cards for a non-road warrrior after CSR and Amex Plat changes? I think Amex Gold and the Chase Flex are pretty good - do not think CSR and Plat are worth it anymore

like

What are your favorite personal finance books? I just read Rich Habits and really liked it. I am also reading the Psychology of Money. Looking to read some more!

like

Hi all, I’m in the north east metro area and due to the current RE market we decided to look into PA specifically Lancaster. Anyone in this market and have any thoughts on where it’s headed? We’re looking purchasing a single family property all cash at 110k that rents for $1100 a month. The last owner bought for 35k like 15 years ago 😩 but hoping buying and holding for a few years will give a equal or greater returns over the long run.

like

y’all doing too much on LinkedIn… comparing having a baby to paying off debt. Great accomplishment but wtf is this post??? It’s so long I’ll have to include second part in another photo

Post Photo
like

Quick question - my package includes some fixed component for housing. Say if I spend less than that at actuals, I cannot claim the full amount?

Post Photo
like

hi,
i got a offer letter from hsbc before baground verification but i taken education loan for my MBA this year 2022 but my tenure to pay is not occurred. i had credit score of 728 . is there any chance of getting revoke of offer letter

like

How do you handle if both j1 and j2 offer health insurance or 401k? Do you decline if they’re the through the same provider?

like

High risk, low reward investment ideas?

funnylikesmart

What's your rent? $1500/month for a single in SF, I hate my life

like

More Posts

Now that the Kharadi office is open, Anyone from here visited yet? Any thoughts you guys would like to share? The email mentioned that they only got 20 Cars parking yet and if full, we need to utilize some 'Paid' parking

Is CIPD a valuable certification? Is it appreciated in Europe only or US too? I have an opportunity to get it but not sure if knowledge is really up to date and worth time spent.

For delta, Alaska and American domestic US flights - all allow a carry on and laptop bag correct?

like

Last minute town halls are terrifying. The anticipation is killing me!

like

Hello fishes

I am new to Amsterdam and my visa allows my wife to work there as well. Can anyone help me with job postings in Human Resources Hr , Learning and development etc I can provide details if required.

Please help it's been really hard for her without a job and would like to know the options.

likeuplifting

Anyone got a critical skills employment permit recently? How long did it take?

Has anybody else had issues with the wedding dress shopping process? I’m having a hard time finding the designer dresses I like online in stores and the designer doesn’t carry in their own store!

like

I've been approached about being an expert consultant. Has anyone done this before? I'm interested to hear people's experience.

like

Best desi food recommendations in Toronto doentown?

like

I'm about to start my part-time MBA. Already feel like dropping out...

like

Thomas J. Watson (IBM) said "the way to succeed is to double your failure rate" and that's always stuck with me

like

Me? I was just buying shirts online and then immediately added underwear because the model wearing them was hot because I am gay.

likefunny

What does legacy OTS do exactly? What are the different areas within and what does the work look like?

like

Hello Everyone!

I am looking for pre occupied sharing flats near JP Morgan towers (Hyderabad) or else Hitechcity, Madhapur, Kondapur, Gachibowli.

Budget: 10-12k (negotiable depends on amenities)

Any leads please let me know.

Thank you!!!!!!

like

Of those of you who left jobs or changed jobs this year, how many of you did so due to current employer not compensating you $ in accordance with inflation? My company announced they will not give cost of living raises despite that we’ve obliterated revenue records multiple times over. Thinking of looking outside to be paid my worth.

like

That Biden speech was appalling.. How did his team approve a message like this, and what was that blood red background?!

likefunnyhelpful

Hi Fishes,

Which company shall I join ?
1. Sun Life Financial
2. EY India

YoE- 3.10 yrs
Tech - Cybersecurity
CTC & location - same for both companies

like

Larsen & Toubro Infotech Is the lti Noida location up? Any idea anyoneLarsen & Toubro Infotech

like

Additional Posts in WFH Freelancers

like

Is WFH/remote work here to stay for freelancers? I’m in LA and considering a move to a much smaller market (Atlanta) but I’m worried about losing clients if I can’t physically go into the office (whenever that starts happening again).

like

How is the freelance world looking in Chi right now?

I enjoy being asked for samples when I featured my website 3 times through email. In the body, my signature and my resume. I spend 100~/year on it. It has my entire portfolio... 😒😒😒

like

Friendly reminder folks- don’t work for Havas Health and You. They cut the freelancers hourly rates, again and made it so there’s no OT. The resource manager at HOV said if I couldn’t swing $80 an hour as an HCP copywriter, she’d have to find someone else. Good luck 👍🏻

likehelpfulfunny

Hey freelancers...I usually raise my rates every 2-3 years. For those of you long-time freelancers, how often do you raise rates? And by what percentage? Looking to keep up with market/cost-of-living and yet, not price myself out.

like

Hi, my wife and I are expecting this upcoming year. So we are looking for health insurance that can properly cover her maternity visits and labor. Any recommendations (Florida)?

I pay $500+/month for health care premium and after going to urgent care for an injury I still ended up with a bill that was over $500. Curious to know if any freelancers are not on a healthcare plan and how that affects your taxes for the year.

like

What percent is set aside for federal?

likehelpful

Where do you find storyboard artists? Rate? agents?

like

What kind of liability insurance do you have? I'm a consultant for brands + agencies and i'm deciding if general liability, professional liability and/or Errors & Omissions are necessary. Any advice?

like

On the verge of turning an hourly client into a retainer. Any tips?

Have any American Producers ever successfully been able to freelance abroad (London or Amsterdam)? Any advice?

Any New Yorkers have the magical code to get a real person on the phone at the unemployment office in Albany on the teleservice line?

What’s the longest an agency has kept you waiting in reception on your first day of a gig?

Trying to avoid paying an accountant, can I actually write off home office space/mileage if I was just permalancing for 3 months last year? Shouldn’t the 7 months of W2 take care of this 1099 shit?

What’s the best way to apply for freelance gigs as a producer? Not getting any bites on WNW

likefunny

Considering a contract to perm. Would be contract for 6 months. First time freelancing. 6 years experience. Job in NYC at a global brand. Would $130k be right to account for benefits? Less? More?

Does anyone here freelance (in design or deckmaking) on top of their full time position? How does that work?

Anybody looking for a freelance digital designer? Looking for some new clients. DM please!

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal