Sunday, August 24, 2008

Wanting to freelance as a graphic designer... what do I do about taxes


Wanting to freelance as a graphic designer... what do I do about taxes?
I'm starting to do some freelance work on my days off from my normal job. What I'm most worried about is showing records of my earnings when tax time comes. I have no idea where to get started. Could somebody point me in the right direction? TIA!
United States - 4 Answers
Random Answers, Critics, Comments, Opinions :
1 :
Withhold 25% of your income that you earn from freelancing. Pay your taxes quarterly to the IRS. Hire a CPA to help you....that's the best thing you can do.
2 :
You are self employed or independent contractor. You will report your income and expenses on schedule C or C-EZ (Form 1040). This income is subject to SE tax at 15.3%. Read about self employed (or independent contractor) tax filing and payment of estimated taxes: http://taxipay.blogspot.com/2008/04/tax-filing-by-self-employed-sole.html
3 :
My biggest suggestion to every tax payer is to keep good and neat records, diaries, receipts, etc. Without it, you'll be in a big problem. Everything else will come with experience, i.e. finding a good tax professional and so on.
4 :
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Posted by Freelance Job at 10:36 AM