Friday, April 15, 2016
4 Quick Tax Tips for Freelance Event Professionals
blog.propared.com: It’s tax time! Well, technically, it’s been tax season for a few months. But maybe you’re still scrambling to get your return filed. Or maybe you’re one of the more than 13 million people who regularly file for extensions. And I’m just speculating here but from personal experience, I’m sure there’s a fair number of people who work in events who fall into this latter category.
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This article touches on an inconvenience of being a freelancer I haven’t thought about much. Coming from parents who have “regular,” salaried jobs, the idea of working for 20 different companies in a single year is a bit foreign to me. I’m sure I’ll get used to the freelancer lifestyle, as that’s something I’m interested in doing. It amuses me that article gives no actual tax information and tip #1 says to hire a professional. I definitely agree that if you have such a complicated income situation, it’s best to leave it to someone who knows what they’re doing. Otherwise, you’re taking time away from your work and you might mess something up. Taxes aren’t exactly a thing you want to mess up. I’m surprised the article suggests to withhold only one third of your income for taxes. If you’re making between ~37,000 and 91,000 and filing single, you pay a 25% income tax, a 6.2% social security tax and a 1.45% Medicare tax. That adds up to 32.65%. Just to be safe, I’d probably save around 35% in case anything weird happens. Overall, a concise, helpful article about filing taxes as a busy freelancer.
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