Finance Tips For the Freelancers.
If the current trend doesn’t change, half of the America’s population will be in the freelancing. There are those that do it as a side or part time work, and there are those that go all out and take control of their careers and do it full time. Despite the fact that the upsides of freelancing are so many, there are downs of the same like finances where many people learn as they go and this could cause not very cheap mistakes. Here are some of the information that you need to avoid the common mistakes when working for yourself as a freelancer.
A good number of people uses their personal account instead of having a separate business account because they are basically their own boss and this is not good. You will be spending lots of time in trying to tell apart the personal transactions from the business ones. You will also not have problem with the IRS and their scrutiny, as writing off the purchases during tax time will be easier. You will have to pay the estimated quarterly taxes because you are self-employed now.
There are software like the Intuit Quickbooks that can help you keep up if you are having issues with that, and others that can help you create a paystub that will come in handy should you ever wat to hire an independent contractor.
There are times that the clients are sparse, and this is one of the reasons why you should have some emergency funds. You should have an amount enough to cater for you and your every expensive for like six months, because otherwise you will end up desperate and taking any job to get money. The other accounting professionals hire an accounting professionals, no matter how … Read More..