What are my tax obligations as a freelancer?
An example of an AI chatbot conversation about tax obligations for freelancers.
What are my tax obligations as a freelancer?
As a freelancer, you are responsible for reporting your income and paying self-employment taxes. This includes federal, state, and possibly local taxes.
How do I calculate my self-employment tax?
To calculate your self-employment tax, you'll need to determine your net earnings from self-employment, which is typically 92.35% of your gross income. Then, apply the self-employment tax rate of 15.3%.
Are there any deductions I can claim?
Yes, as a freelancer, you can claim deductions for business expenses such as home office costs, supplies, and travel expenses related to your work.
When is the deadline for filing my taxes?
The deadline for filing your federal taxes is usually April 15th. However, if you need more time, you can file for an extension.
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