Archives for September 14, 2013

5 Critical Personal Finance Tips for Freelancers

A calculator, pen, and financial statement.As a self-employed freelancer, there are quite a few things I wish I knew about personal finance before I got started. You’d think it’s as simple as money coming in and money going out, but it’s not. You have a lot to worry about in terms of business overhead, fees, taxes, and retirement planning. Overlook one step and you could find yourself in a world of trouble – or, at least, really nervous about your future.

Talk about Taxes

Do some research or find someone you can talk to about taxes. Those who are self-employed have to pay both regular income tax and self-employment taxes. Hardly seems fair, right? If you’re selling a tangible product, you also have to worry about filing quarterly sales tax reports. Delays in any of these can end up costing you quite a bit in fees and penalties. Talk to an accountant or financial adviser to make sure you’re saving what you need. [Read more…]