How do I manage my taxes as a freelancer?

How do I manage my taxes as a freelancer?

Managing taxes as a freelancer involves tracking your income, expenses, and understanding your tax obligations. Do you need help with specific areas?

Yes, what expenses can I deduct?

You can typically deduct expenses like home office costs, supplies, software, and travel related to your work. Would you like more details on any specific expense?

What about estimated tax payments?

As a freelancer, you may need to make estimated tax payments quarterly. This helps you avoid penalties. Would you like to know how to calculate these payments?

Yes, please explain how to calculate them.

To calculate estimated tax payments, estimate your annual income, apply the tax rate, and divide by four. You can also use last year's tax as a guide.