How do I handle taxes as a freelancer?
An example of an AI chatbot conversation about navigating freelance taxes.
How do I handle taxes as a freelancer?
As a freelancer, you need to track your income and expenses carefully. It's important to set aside a portion of your earnings for taxes.
What percentage of my income should I save for taxes?
A common guideline is to save about 25-30% of your income for taxes, but this can vary based on your total income and deductions.
Do I need to pay estimated taxes quarterly?
Yes, freelancers are typically required to pay estimated taxes quarterly to avoid penalties. It's best to consult with a tax professional.
What deductions can I claim as a freelancer?
You can claim deductions for business expenses like office supplies, software, and even a portion of your home if you have a home office.
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