Declaring Freelance Income For 2023
5 Effective Strategies for Managing Freelance Amanda Abella from www.amandaabella.com Declaring Freelance Income for 2023 What is Freelance Income? Freelancing is a way of earning money that involves working for multiple clients on a contract basis. Freelancers don’t have an employer, instead they are self-employed and work on short-term contracts or projects. Freelance income is the money earned from these contracts or projects. What are the Tax Implications? In the United States, freelancers are considered to be self-employed and are responsible for paying their own taxes. This means that all freelance income must be reported on your federal and state tax returns. Additionally, freelancers are generally responsible for paying their own Social Security and Medicare taxes. What is Needed to File Taxes? When filing freelance income, you need to track your income and expenses for the year. You will need to keep records of all the money you’ve earned and all the money you’ve spent. Yo...