NYC Freelancers : A tax question
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- edd-e0
if you earn under $120k your taxes should be 35%
if you earn more your taxes should be 40%
you should estimate quarterly and pad the total number with a few extra bills just to be on the safe side. if you under claim your earning you will be penalized. so it is always bettert to over estimate your earnings.
every receipt under $500 is a write off close to 100%. half your rent and half your bills are also write off's. any large expenses are also...a write off. any entertainment, supplies, transportation and food can also be written off to help your taxes.
get an accountant. best answers from them as a good one will know the ins and outs of freelancing and how it can work in your favour.
keep all receipts for 7 years. freelancers cget red flagged first, so always have good records.
here is a present from me to you...
http://www.edd-e.com/nt_/freelan…
PDF of 52 pages of Freelancing Forms
use it wisely.
good luck with your career!!! earn the most you can!!! and always get any agreement in writing never use a verbal agreement.now that you have the forms you have no excuses to a verbal agreement.
;)