{"id":2591,"date":"2022-01-29T11:47:59","date_gmt":"2022-01-29T11:47:59","guid":{"rendered":"https:\/\/grow.refrens.com\/?p=2591"},"modified":"2026-01-19T13:37:10","modified_gmt":"2026-01-19T13:37:10","slug":"tax-tips-for-freelancers","status":"publish","type":"post","link":"https:\/\/www.refrens.com\/grow\/tax-tips-for-freelancers\/","title":{"rendered":"5 Tax Tips For Freelancers\u00a0"},"content":{"rendered":"\n

Many people are turning to freelance work as a source of income. One of the primary reasons for this is that this year has seen a lot of job losses and high unemployment rates. This means that, even though the gig economy has been booming, we can expect a thriving freelance economy in the future.<\/p>\n\n\n\n

Since the freelance economy is increasing, more millennials are considering it as a career option. However, there are a few new tax considerations they need to be aware of. If you’re new to freelancing, which is defined as earning more than $400 from a single customer for tax purposes, you’ll need to file your taxes.<\/p>\n\n\n\n

In comparison to workers, freelancers have sole authority over their tax circumstances. However, there is a cost to independence. Freelancers are subject to a higher tax burden and are responsible for more record-keeping than employees.<\/p>\n\n\n\n

Moreover, Freelancers and other self-employed professionals are subject to several particular tax rules. Understanding how you are taxed in the first place is the first step in self-employment tax preparation.<\/p>\n\n\n\n

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