Comments on: Freelancers, it's that time of year again, Taxes! http://www.moongrabber.com/misc/freelancers-its-that-time-of-year-again-taxes Design and Photo Blog by Jonathan Beilke Thu, 08 Dec 2011 00:14:02 +0000 hourly 1 http://wordpress.org/?v= By: limapie http://www.moongrabber.com/misc/freelancers-its-that-time-of-year-again-taxes#comment-198 limapie Mon, 20 Jul 2009 14:55:59 +0000 http://www.moongrabber.com/?p=304#comment-198 What is really bad about free lance is that there are plenty of people out there that don't know how to include taxes in their bids. Therefore, they bid low...and, of course, get the job, over someone who is trying to live off of their labors and is smart enough to include the almost 30% for taxes.<br />Yes, I said, almost 30%. That's 10% Federal Income tax (if you are in the 10% bracket) + 15.3%<br />social security/medicare + State MN Income tax....What % is it for state on a 10%er at the Fed?<br />About 5%...maybe more. <br />There is a national union now for free lancers and the main job for them is to train other free lancers how to bid properly so you can live, eat and survive, instead of pay the contractee for the right to work. <br />Look it up. What is really bad about free lance is that there are plenty of people out there that don't know how to include taxes in their bids. Therefore, they bid low…and, of course, get the job, over someone who is trying to live off of their labors and is smart enough to include the almost 30% for taxes.
Yes, I said, almost 30%. That's 10% Federal Income tax (if you are in the 10% bracket) + 15.3%
social security/medicare + State MN Income tax….What % is it for state on a 10%er at the Fed?
About 5%…maybe more.
There is a national union now for free lancers and the main job for them is to train other free lancers how to bid properly so you can live, eat and survive, instead of pay the contractee for the right to work.
Look it up.

]]> By: jrbeilke http://www.moongrabber.com/misc/freelancers-its-that-time-of-year-again-taxes#comment-197 jrbeilke Tue, 17 Feb 2009 17:36:52 +0000 http://www.moongrabber.com/?p=304#comment-197 Thanks Giannii, just finishing up some custom CSS to integrate Disqus into the look of my blog, so far so good. Thanks Giannii, just finishing up some custom CSS to integrate Disqus into the look of my blog, so far so good.

]]> By: Giannii http://www.moongrabber.com/misc/freelancers-its-that-time-of-year-again-taxes#comment-196 Giannii Tue, 17 Feb 2009 17:35:02 +0000 http://www.moongrabber.com/?p=304#comment-196 My least favorite time of the year =/ Time to file that extension! =P<br /><br />Disqus looks great on your site. Feel free to contact me if you have any questions about our service. <br /><br />Giannii<br />DISQUS<br />Community Manager<br /><a href="mailto:giannii@disqus.com" rel="nofollow">giannii@disqus.com</a> My least favorite time of the year =/ Time to file that extension! =P

Disqus looks great on your site. Feel free to contact me if you have any questions about our service.

Giannii
DISQUS
Community Manager
giannii@disqus.com

]]> By: jrbeilke http://www.moongrabber.com/misc/freelancers-its-that-time-of-year-again-taxes#comment-195 jrbeilke Tue, 17 Feb 2009 16:58:52 +0000 http://www.moongrabber.com/?p=304#comment-195 Thanks, just loaded it and I'm already enjoying the new features! Hopefully I can put together a quick write-up on my blog to let everyone know how it goes. Thanks, just loaded it and I'm already enjoying the new features! Hopefully I can put together a quick write-up on my blog to let everyone know how it goes.

]]> By: frodeste http://www.moongrabber.com/misc/freelancers-its-that-time-of-year-again-taxes#comment-194 frodeste Tue, 17 Feb 2009 16:48:49 +0000 http://www.moongrabber.com/?p=304#comment-194 Congratulations on your new comment system! Congratulations on your new comment system!

]]> By: Mitchel Sellers http://www.moongrabber.com/misc/freelancers-its-that-time-of-year-again-taxes#comment-193 Mitchel Sellers Thu, 12 Feb 2009 20:57:50 +0000 http://www.moongrabber.com/?p=304#comment-193 Great points. I cannot stress the recommendation of proper business structure selection and the use of tools such as Quickbooks. Forming a S Corporation takes a bit of work, but the tax and liability benefits alone typically outweigh the downfalls. Sure, you have a few more papers to fill out, and you might have to hire an accountant to help you out for the first time with some of it, but it saves. I know I personally saved over $10,000 in taxes last year due to the proper business structure selection for my consulting work! Great points.

I cannot stress the recommendation of proper business structure selection and the use of tools such as Quickbooks. Forming a S Corporation takes a bit of work, but the tax and liability benefits alone typically outweigh the downfalls. Sure, you have a few more papers to fill out, and you might have to hire an accountant to help you out for the first time with some of it, but it saves.

I know I personally saved over $10,000 in taxes last year due to the proper business structure selection for my consulting work!

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