Freelance, What do I do?
Freelance, What do I do?
Out of context: Reply #6
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- johndiggity0
the best way to protect yourself financially is to set yourself up as an llc. that way, you can deduct your taxes (includes fed. state, and ss!) on a per-project basis and not get screwed come april. another benifit is that you can write off any business losses on your personal taxes, as well as make line-item deductions on business expenses (you can write off a protion of your rent or mrotgage if you are working from home, as well as other expenses).
it really is the way to go. it's a little more time consuming to set up than just jumping into freelance, but it's worth the time versus the hassel and problems you may have down the road. plus once you set it up, you can have it for life unless you go bankrupt.