Taxes are hard; they’re confusing and are arguably the worst part of freelancing.
I’ll never forget how frustrated I was when I learned exactly how much of my freelance income had to go to taxes.
As Benjamin Franklin put it, “In this world nothing can be said to be certain, except death and taxes.”
Taxes are something that all freelancers must pay. However, there are some legal tips and tricks that you can use so that you won’t have to pay as much.
One of best ways to pay less in taxes is to utilize Tax Deductions.
Many of your business expenses are tax deductible. Some of the common tax deductions include: travel and entertainment, insurance, money spent on meals for clients and communication (including internet and phone etc.). Keep a genuine record of these receipts, to get on time deductions. The fee incurred on selling your home is also a tax deductible expense. Keep a receipt of the charitable work you do, as these too are tax deductible. The shipping and baggage costs of your employees are tax deductible as well.”
See the other 9 tax tips for freelancers at Guerrilla Freelancing.