Self-Employed Taxes: How Freelancers Can Prepare

Wondering how to pay freelance taxes or what to expect if you're self-employed? Sharing my experience with freelance taxes and some tips on how to feel more prepared. Disclaimer: The information in this episode is not meant to be taken as professional advice. Contact a certified tax professional for advice for your specific situation.
Links mentioned -
My Bookkeepers: evolvedfinance.com/
More on freelance taxes: • Freelance Taxes: What ...
A freelancer's guide to taxes via TurboTax: turbotax.intuit.com/tax-tips/...
W9 vs 1099 via Bench: bench.co/blog/tax-tips/w9-vs-...
Tax Bracket Calculator via TurboTax: turbotax.intuit.com/tax-tools...
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0:00 - Disclaimer
1:30 - How freelance taxes work
2:49 - Tracking your income
4:23 - Reporting your income
7:40 - Tracking your expenses
8:49 - Business expense examples
11:38 - Maybe don’t write everything off
12:41 - How much to save
14:45 - Hiring a financial team
15:40 - Bookkeeper vs. accountant
17:50 - Finding a good team
18:52 - Tax deadlines
#SocialMediaManager #Freelancer #Entrepreneur

[@tout.content]

So informative with reputable sources yet so straight to the point! Thank you!!

[@DaybeBaby]

I haven't officially started my journey as a freelancer but this video was so insightful for what i need to be prepared for . Thank you!

[@YestoHawaii]

Thank YOU! Taxes are such a labyrinth. This makes it much more digestible and less overwhelming. Such a helpful episode.

[@ClarinetsForever223]

So helpful, as always. Thank you, Latasha.

[@fofita17]

Such a great & timely video! Thanks!

[@liliam4649]

TAXES are stressful when you’re a freelancer 🙃. Although if your organized with it, it doesn’t have to be. Paying quarterly taxes has help me a lot, I recommended to anyone who has to file to the IRS.
Thank you for this video Latasha!

[@MarketingHarry]

It's important to be prepared for the tax part of your business. Useful episode, Latasha! 🙂

[@OlleyThorpe]

Excited for this one! Yes girl so close to 100k! Let’s go!

[@thelatashajames]

Eeek thanks buddy! 🙌🏽

[@leogphoto2099]

Oof, I am at 8-5 job right now and am watching this for when I quit to become full-time freelancer lmaoo

[@thelatashajames]

You got this! It's really not that bad as long as you are prepared. Problem, is most people don't prepare/save and then get sticker shock

[@Imetnaj]

Thanks for sharing this Latasha, this episode definitely helped. Just inquiring do you still use Indie?

[@sonyamay5047]

I've had business ideas for a decade, but I never started because I was always scared of taxes. I started looking into a new idea again and almost stopped because of taxes. Then I realized I need to get over this and learn about this big scary topic. It really isn't as difficult as I thought it would be!

[@thelatashajames]

I felt the same way when I was first starting! Once I learned the basics, the fear really did (mostly) go away! Good luck with your business 😊

[@RobWill5864]

It’s not taking advantage if it’s following the tax code. Remember, the tax code is in place to incentivize entrepreneurs and investors because their efforts generates income that in one way or another generates more taxes from normal employment and consumerism. I think much of the stigma associated with the idea of “getting over on taxes” comes from not fully understanding the why of the tax code.

[@thelatashajames]

Wait where did I say taking advantage? This is a long podcast and I don’t remember every word I say hah, but yes of course I write things off, just not excessively and “just to write things off”. I like to keep my profit high as I’m in the midst of buying a home

[@valeriapico1181]

Thank you sm! I’m so lost in this, should I get a DBA to be able to write off taxes for my business?

[@kindree5414]

Hello,
I am filling out a CSU application for college and it is asking me to input my Parents' adjusted gross income (AGI) for 2022 and my Parents' untaxed income and benefits for 2022. I know the AGI can be found on line 11 of the 1040 form on the 2022 Individual Tax Return, but I want to confirm where I can find the amount for the untaxed income and benefits? Is it line 2a where it says “Tax-exempt interest” or is it line 2b where it says “Taxable interest”? Line 2a is blank, but line 2b has an amount. Which one would I put?
Thank you!

[@heymissdemic]

this just made my anxiety go up completely :(

[@thelatashajames]

Noo, I'm sorry! Didn't mean for it to. It's better to know these things upfront though, versus finding out too late :)

[@sblijheid]

Keep your records for 10 years. The IRS can audit you for that time.

[@greghillmusic]

So do you not pay taxes on work you charged less than $600 for?

[@thelatashajames]

It’s $600 earned in total, not by individual job. You could do 1000 $1 jobs and still have to pay taxes on anything earned over $600

[@greghillmusic]

@Latasha James I think we're both confused about this, because you would pay taxes on that $600 job. I'm pretty sure you still have to pay taxes on jobs less than $600.. it's income... you pay taxes on your taxable income. This is all so confusing.

[@thelatashajames]

@@greghillmusic Yes! But you wouldn't get a 1099 for anything under $600. That said, I'm not a financial pro as mentioned several times in this video, so definitely recommend speaking with one about your unique situation!

[@greghillmusic]

@@thelatashajames that is the best advice out there.

[@ClarinetsForever223]

Helpful, as always! Do you still recommend Indie/Found?

[@thelatashajames]

for sure!