What are the tax implications of being a freelancer?
An example of an AI chatbot conversation about freelance tax implications.
What are the tax implications of being a freelancer?
As a freelancer, you are considered self-employed, which means you need to pay self-employment taxes.
What kind of taxes do I need to pay?
You typically need to pay income tax and self-employment tax, which covers Social Security and Medicare.
Are there any deductions I can claim?
Yes, you can deduct business expenses like home office costs, supplies, and travel related to your work.
How do I keep track of my income and expenses?
Using accounting software or spreadsheets can help you track your income and expenses effectively.
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