Tax Tips Every Freelancer Should Know

Tax Tips Every Freelancer Should Know

Quick summary:

1. One of the most common things I see with freelancers is not realizing the tremendous tax benefits our tax code holds in the corporate tax election, said Todd Keffury, founder and lead financial planner of Cadenza Financial Planning.

2. Your CPA or other tax professional can help you calculate all your income, expenses, deductions, and credits to ensure you pay the right freelance taxes for the previous year.

3. If you fail to pay IRS quarterly payments, you could receive a big bill come tax time or even tax penalty payments.

4. Self-employment tax usually takes the biggest bite out of a freelancer's wallet every year as they are forced to pay both the employer and employee's portion of payroll taxes (around 15.3

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