Why freelance taxes are different
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Step 1: Calculate your net profit
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Step 2: Calculate self-employment tax
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Step 3: Calculate income tax
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Step 4: Set aside the right amount
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Frequently asked questions
When are quarterly taxes due?
April 15, June 15, September 15 and January 15 in the US. Missing a payment results in an underpayment penalty from the IRS.
What expenses can I deduct?
Home office, equipment, software, professional services, travel for work, health insurance premiums and more. Keep receipts for everything.
Do I need an accountant?
Not necessarily in your first year, but a one-hour session with a CPA can save you far more than it costs. At minimum, use a dedicated tax estimator tool.