As a freelancer, you wear many hats—but taxes shouldn’t be one of your headaches. Here’s how to stay on top:
Tax Filing Basics
- File Schedule C with Form 1040.
- Pay self-employment tax (15.3%) on net earnings.
Quarterly Estimated Taxes
- Calculate and pay Form 1040-ES four times a year to avoid underpayment penalties.
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Top Deductions
- Home Office: Deduct the business-use percentage of your home.
- Equipment & Supplies: Computers, software, office furniture.
- Travel & Meals: Business trips, client meetings (50% meals deductible).
- Education & Training: Courses and books to enhance your skills.
Record-Keeping Tips
- Use invoicing software to track income.
- Separate business bank accounts and credit cards.
- Keep digital copies of receipts.
Pro Tip: Consider an S-Corp election once profits justify payroll to reduce self-employment taxes.
Need help with tax filing or planning?
👉 TaxSprint