Info for setting up freelance?
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- bored2death
Anyone in the US have recommendations on info for setting yourself up for freelance?
Like what are the differences between LLC, Inc, etc.
Also, general to specific tax issues.
- JSK0
Google has the answers not here.
- fyoucher10
If you have a Social Security Number, you're all set (if you're looking to just do freelance design). LLC is overkill unless you're building shit that could potentially kill the world.
You 'could' also get a DBA, business insurance, and bank account just for your small business but it's not required.
Save a third of everything you make for taxes and pay your taxes quarterly.
Take the time to do your expenses EVERY month.
Find yourself a good accountant.
- bored2death0
So as far as you know, there would be no tax advantages to incorporating?
- There's no point in incorporating unless you've got employees.dMullins
- bjladams0
i'd sit down with an accountant and drill their brain- they like talking about all that stuff. i did it a while ago and it helped make it all more palatable.
- harlequino0
Spend a few bucks and sit with an accountant.
But as I understand it, incorporating at this point is only necessary if you are responsible for larger contracted gigs, where you sub out to teams and have some liability in your deliverables. The advantage of an LLC in that situation is to avoid risk to personal assets if you ever get sued.
- bored2death0
I have a full time job now. I'm just interested in trying to get some work on the side. I would assume in a situation like this that the SSN route would probably work best.
- If I ever actually do get work, then I'll see an accountant.bored2death
- ar170na0
Even if you're doing it on the side, it's definitely worth setting up an LLC. You get some big tax breaks for setting up a home office, and a lot of the things you may have not considered tax deductible, are.