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How Freelancers Can Make Taxes Easier

saving on self employment tax

There are a lot of reasons to give up the day job and go the freelance route. Being able to set your own schedule, focus on a product (or service or market) you love, cut your commute time down to however long it takes you to go from your bed to your home office setup and never having to deal with that nightmare supervisor or coworker all feel really great. And, of course, the fact that freelancers command more per hour than their salaried counterparts is nothing to sneeze at. Who here hasn’t heard some freelancer talking about making $75-$100 (or more!) per hour and thought “wow! I want to do that!” What most people don’t know is that one of the reasons freelancers get paid so much more for their time is because they have to charge more per hour (or project) to keep themselves financially afloat. This is because freelancers have to manage all of their money stuff themselves. They have to do their own bookkeeping, their own payroll and even do their own taxes. And, unlike income taxes that only eat up a small chunk of time once a year for someone on salary, freelancers have to ...

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