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Talent Is Not Enough: Business Secrets For Designers, Second Edition by Shel Perkins

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Chapter 05: Income taxes for freelancers

If you’re new to freelancing, chances are that you have some questions about how to calculate and report your income taxes. This chapter covers the basics of income taxes for freelancers — from tracking typical business expenses and making quarterly estimated tax payments through filing your completed annual return. It also includes important information about the tax issues that are raised if your freelance business is not profitable.

Previously in your career, you may have been on someone’s payroll. As you recall, they withheld estimated tax amounts from each of your paychecks and forwarded those amounts to the government on your behalf. Now that you are an independent businessperson, you are required ...

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