Paying Taxes as a Freelancer or Contractor

Employee #1 and Head of Trainer Development at The Gym, Bridget Todd, is joined by her client, Ben Sargent. He is a CPA and owner of Sargent CPAs. They talk about paying taxes as a someone who is a contractor or a freelancer.

• People who are self-employed are more aware of paying taxes than someone who gets a W-2. People who get W-2s tend to do well with Turbo Tax or boxed software, because there isn't much to their taxes.
• When you are self-employed, you need to pay your own taxes. You need to be aware of how much you will owe and set money aside. It is important to be aware of the tax deductions and credits you can take.
• In 2020, there were a number of stimulus programs, and unemployment, that interact with freelance income. There are paid leave tax credits related to COVID relief provisions. This includes freelancers who were not able to work due to having COVID or who were caring for someone who had COVID. It also includes freelancers with small children who couldn't work because school was closed.

https://financialgym.com/financiallynakedpodcast/episode65