Friday, October 09, 2009
10 Tax Tips You Can Use Now To Avoid Pitfalls Later
FreelanceFolder: "One of the first encounters I had with freelancing involved a very talented co-worker who, sadly, was not very knowledgeable about income tax law. His lack of knowledge ultimately cost him his freelance business."
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2 comments:
This article highlights some important issues i'd had questions about, but never really learned. I know i have to file income taxes and so on, but didn't realize what the laws were regarding money collected from clients that will not file tax documents about it, or from any amount of money over $600. I think this is particularly important in the theater business because how many of us haven't been paid free lance "under the table" for a job that we've done, and how many of us remember to report that income? not many, but if you're doing a lot of business like that it become especially important.
These are some really helpful tips to look at. I knew a couple of them before reading this, but I was interested in just about anything can be deducted. Some of the deductions can be a little hard to figure out what values to use for the home office use. It is also interesting that there are hidden taxes in the self employment field.
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