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5 Tips to Make Filing Taxes Easier for Freelancers in 2023

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As a freelancer, it’s essential to ensure you know what to expect, so you don’t accidentally wind up with a huge tax bill. So, keeping up with all of the new rules about standard deductions, tax credits and other requirements can make anyone’s head spin, especially if it affects how much you have to pay.

Filing 272
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Experts Predict 2023 Will Be the Year of ‘Quiet Hiring’—Here’s What to Expect

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1 most anticipated 2023 trend in the future of work, according to IT research and consulting company Gartner. Economists are predicting a 64% chance that 2023 will manifest a dreaded recession , Bankrate reports. to 3 times the original person’s salary, so companies see it as a way to minimize expenses,” Lim says.

2023 288
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Tax Planning for Freelancers: 5 Strategic Moves To Make Now To Avoid Tax Pain Next Year

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While the dust from the 2023 tax filing season has long since settled, if you are a freelance worker, independent contractor , or digital nomad, now isn’t the time to forget about your taxes. ” In this form of business, the freelancer is personally responsible for all aspects of the business, including its debts and legal obligations.

Legal 264
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Using a Financial Planning Checklist Can Help You Meet Your Goals

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Although there are multiple ways to ‘tidy up’ your money , a list that you return to monthly or quarterly allows you to keep track of specific areas each time, giving you better data. Subtract your net income from your net expenses. The more often you use it, the more data you have to compare your past and present situations.

Goals 307
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SEP IRA: What You Need to Know About This Retirement Plan Option

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Because SEP IRAs require employers to make all the contributions, this form of individual retirement account is generally best for the self-employed or small business owners with only a few employees. Unlike other retirement plan options, there are no filing requirements or expensive fees to maintain a SEP IRA.

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Want To Work At The Ritziest Coworking Office In The World? It’s Going To Cost You

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Set to launch in April of 2023, Colette Club is a coworking office on Fifth Avenue designed specifically for “the world’s most successful business leaders.” Information about the club is sparse and the website provides nothing more than an inquiry form and a way to log in for already-approved members.

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What Is An ESOP? Here’s What You Need to Know

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The ESOP trust then transfers shares to accounts set up for each employee, often according to a vesting schedule. Withdrawal rules An ESOP is a form of defined contribution plan, like a 401(k) is, so the IRS limits when you can access the money in your account. In 2023, the limit is $330,000.