Freelancers, How to Avoid Uncle Sam?
Out of context: Reply #10
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- fyoucher10
4/15: $13,420.00 (Federal)
4/15: $2,350.00 (PA State)
4/15: $2,990.00 (Local, pay the entire year at once)
6/15: $13,420.00 (Federal)
6/15: $2,350.00 (PA State)
9/15: $11,420.00 (Federal)
9/15: $2,350.00 (PA State)
12/31: $13,420.00 (Federal) (Pay before the next year)
12/31: $2,350.00 (PA State) (Pay before the next year)- Get an accountant. Don't do that Turbo-tax thing unless you know what ur doing.
- get a separate credit line or checking account that's specifically for business expenses.
- Keep all receipts and organize and sort every 1st of the month.
- Deduct as much as you can.
- Contribute the max to retirement EVERY YEAR!!!! Max that shit out. It's like free money.
- Send out all 1099-Misc by Jan 31st.That's it. I'm not incorporated or anything like that. Just have a DBA, which isn't shit really. I usually get deductions of about 40 - 50k, plus factor in Social Security and half self-employment tax.