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Monday, December 4, 2023



Tax Mistakes Freelancers Should Avoid

There is no denying that freelancing is challenging. There is a never-ending supply of labor to do, from providing services to clients to managing your finances. While you attend to urgent business problems, items could occasionally go overlooked or put on the back burner. Taxes are one important issue that simply cannot be disregarded.

You will need to be aware of significant tax errors that could potentially bankrupt your company in your capacity as chief financial officer. Ideally, you'll enlist the assistance of a seasoned small business accountant who is knowledgeable with tax planning tactics for independent contractors. You must, however, have your ducks in a row in order to double- and triple-check their recommendations and advise.

These are the top tax errors that independent contractors should really avoid making.

  • Failure to pay self-employment tax
  • Failing to use an accounting system
  • Combining work and pleasure
  • Disregarding retirement funds
  • Ignoring the contributions to health care

There are tax advantages for small business owners who get insur@nce for themselves and their loved ones. Medical, dental, and in some situations, long-term health insur@nce premiums are eligible.

By include these premiums in your tax return, you can lower your adjusted gross income (AGI) and perhaps qualify for tax benefits. The only catch is that, as a result of the recent Tax Cuts and Jobs Act of 2017, you might now need to itemize deductions in order to benefit from this deduction at tax time.

Tax Mistakes Freelancers Should Avoid

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