Taxes & IRS

Quarterly estimated taxes are one of the most confusing — and most important — financial obligations for freelancers and independent contractors in the United States. Unlike employees who have taxes withheld automatically from each paycheck, self-employed workers must calculate and send tax payments to the IRS four times a year. Miss these deadlines or underpay…

One of the first financial surprises new freelancers encounter is the self-employment tax. When you were an employee, your employer quietly paid half of your Social Security and Medicare taxes on your behalf. As a self-employed individual in the United States, you are responsible for the entire amount. Understanding how this tax works, how to…