Working as a freelancer or independent contractor offers flexibility and independence but comes with unique tax challenges. Managing taxes effectively is essential to making the most of your earnings and avoiding any unwelcome surprises. Mike Savage, the CEO and exclusive shareholder of 1-800 Accountant, has helped countless freelancers navigate these challenges. Here, we delve into some essential tax tips for freelancers, drawing on insights from 1800Accountant’s Mike Savage . Understand Your Tax Obligations as a Freelancer Freelancers are considered self-employed, which means you’re responsible for paying income tax as well as self-employment tax, which covers Social Security and Medicare contributions. Unlike traditional employees, these taxes aren’t automatically withheld from your earnings. Understanding these obligations is crucial to staying compliant and financially prepared. Mike Savage of 1800Accountant stresses that many freelancers underestimate their tax liabil...
Meet Mike Savage of New Canaan, Founder and CEO of 1-800Accountant, revolutionizing small business services through innovative virtual accounting technology.