Paying Quarterly Taxes as a Freelancer As freelancers, we often have to estimate our own taxes and make quarterly payments to the government. If you do not pay quarterly taxes, you will have to pay a year’s worth during tax season. Not to mention, you may also have to pay a penalty ...
However, if you are paid as a 1099 independent contractor, subcontractor, freelancer, gig worker, or sole proprietor, you will be responsible for reporting and paying your own self-employment taxes. You will need to fill out a W-9 and get a 1099 at the end of the year. Because taxes a...
While a professional tax adviser may help in certain situations, in many cases taxes can be relatively simple. Like many things in life, once you've filed your own taxes once, a lot of the drama vanishes.
It's that time of year again - time to start thinking about filing taxes. It may seem like a pesky task, but with the right knowledge, it doesn't have to be. It doesn't matter whether you're a seasoned pro or new to the game, understanding the ins and outs can make the process...
Keep in mind as well that there may be big tax benefits to going down to one income, depending on where you live. When your spouse can claim you as a dependent due to you not earning an income, this will lower the amount of income taxes your family will have to pay. Here in Canada...
"It sounds like I make a lot of money, right?" Dunn says. "But it's all spread out." When she earns a book advance, for instance, a large chunk of the money goes to her manager, her agent and taxes. It's hard for Dunn to feel like she has a handle on everything...
An Example of a Possible Business Suppose you live in a small town or even a larger city and you’re an accountant or a bookkeeper. Some of the smaller businesses in your area may not want to pay for the services of a CPA to keep their books or do their taxes. They may seek a mo...
Don’t be like me. Get to grip with your taxes. Learn what the jargon means. If you tend to zone out as soon as you see terms like “accrual basis” then get a professional to sit down and explain things to you. If you’re a freelancer, hire an accountant to help with your tax...