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Tax Tips for Freelancers and Independent Contractors by Mike Savage

  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...
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About Me

Mike Savage New Canaan

Mike Savage from New Canaan serves as the CEO and sole owner of 1-800 Accountant, a virtual accounting firm revolutionizing small business accounting with cutting-edge technology. Mike spearheads the company's vision and strategic direction. In 2018, he was honored with the Glassdoor Top CEOs award. 
After earning his degree from Brigham Young University’s School of Accountancy, Michael Savage began his career at PricewaterhouseCoopers. There, he worked as a consultant in the fraud division, handling high-profile investigation cases. His expertise included consulting on financial statement and earnings restatements for Fortune 50 companies.
Recognizing the potential for small businesses to benefit from top-tier accounting services, Savage founded 1-800 Accountant. His mission to alleviate the stress of bookkeeping and tax preparation for small business owners has established him as an industry leader. The firm is now one of the largest in the nation, serving over 200,000 businesses. Michael Savage resides in New Canaan, Connecticut, and has been featured in various media outlets, including an appearance on Fox & Friends and in Money magazine.

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Tax Tips for Freelancers and Independent Contractors by Mike Savage

  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...
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Read more