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Tax Planning for Freelancers: 5 Strategic Moves To Make Now To Avoid Tax Pain Next Year

Allwork

” In this form of business, the freelancer is personally responsible for all aspects of the business, including its debts and legal obligations. Firstly, it is the simplest and least expensive form of business to set up and maintain. There is no legal distinction between the owner and the business.

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5 Tips to Make Filing Taxes Easier for Freelancers in 2023

Success

With a traditional job, all you need to file your taxes is your W-2 tax form at the end of the year, showing what you made and how much you had withheld for federal and state taxes. With freelancing, you’ll likely have multiple clients, each sending you a 1099-NEC form (previously a 1099-MISC) showing what they paid you.

Filing 264
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5 Tips for Staying Productive When Working From Home

Productivity Bits

When work is in session, the home is no longer a home: it is the factory floor. The perception can be enforced by becoming educated in private business ownership.

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