The following is a list of resources on freelance accounting and legal information for business owners.
The legalities of doing business can be very confusing to the uninitiated. When you’re running a business for the first time, just the requirements and paperwork to get set up can be overwhelming. Because it all seems so unfamiliar and complex, it can sometimes be enough to make you give up doing business before you even begin.
Maybe you’ve experienced a few surprises and gotten into trouble along the way. You are not alone. Maybe you’ve heard about other peoples’ mishaps and are shying away from getting everything set up. This list of articles from other people who have been there can help you learn some tips for navigating freelance accounting and legal requirements in the US.
As an independent contractor, paying taxes is not the same. You may be used to filing your taxes as an employee, but this will not prepare you to do the additional accounting you need. There is also more than one tax that you pay when you’re self-employed.
The red tape that sometimes wraps you up and the long lines that can eat up your time is a real temptation to just skip paying taxes altogether. After reading these articles, you’ll know a bit more about how it works. Then, you won’t feel like you have to conquer Everest – or at least you’ll know how to navigate it better and reach the top victorious.
by Rebecca Lake
Image source: https://dr5dymrsxhdzh.cloudfront.net/blog/images/ac864e972/2019/06/getting-her-home-business-up-and-running-picture-id875247398.jpg
By Erin Lowry
Image source: https://blog.taxact.com/wp-content/uploads/What-I-wish-I-knew-about-taxes-when-I-started-freelancing.jpg
by Laura Shin
Image source: https://thumbor.forbes.com/thumbor/960×0/https%3A%2F%2Fblogs-images.forbes.com%2Flaurashin%2Ffiles%2F2014%2F07%2F4105756012_db89e4be50_b.jpg
Image source: https://digitalasset.intuit.com/IMAGE/A0MAn6Req/freelancer-working-on-graphic-design-pad-INF28843.jpg
By Sean Brison
Image source: https://www.listenmoneymatters.com/wp-content/uploads/2019/03/LMM-Cover-Images-2.jpg
As a freelancer, you have to take responsibility for tracking your income and expenses and paying your taxes. There is no employer to keep records and fill out forms for you.
By reading through the tips in these articles, you can get a good basic grasp of what you’re facing in terms of taxes owed as an independent contractor. They will also help you develop a system for doing your freelance accounting.
* Disclaimer: Content represented in this post does not equate to professional legal, accounting or other business advice. FreeUp is not associated in any capacity with the authors of the posts linked herein. The content is for the sole purpose of information sharing, and no claim is made as to the accuracy or completeness of the said information.
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