Freelance Taxes (Oregon)
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- grafiske
Hello! I was wondering if there were any websites out there with easy breakdowns of how much money you should set aside for taxes according to where you live and how much money you make a year.
Any help will be much appreciated.
Thank you in advance.
- akrokdesign0
30% is a general good mark, i think.
- dibec0
Really depends on your tax bracket, but 1/3 of your income is generally safe.
- grafiske0
Yeah that is what I shoot for, but last year I did not make much money, and I ended up not having to pay as much as I thought I would - and while I like to be safe, just wondering how much flexibility I have.
- dibec0
There are many things you can do to help reduce your tax liability. Best thing is to talk to a CPA, some are affordable while some not. Even if it's a one time thing, you can gain an immense amount of knowledge.
- grafiske0
Thanks for the suggestion. I will seek out a cheap CPA. Right after I find out what it stands for.
- refunktion0
30-35%
- dibec0
lol. Certified Public Accountant
- yar0
Oregon state income tax is around 9% if you make over $7,601 a year. It's worth while seeing a CPA to develop a long term tax strategy.