1. Welcome to SportsJournalists.com, a friendly forum for discussing all things sports and journalism.

    Your voice is missing! You will need to register for a free account to get access to the following site features:
    • Reply to discussions and create your own threads.
    • Access to private conversations with other members.
    • Fewer ads.

    We hope to see you as a part of our community soon!

Freelance income tax question

Discussion in 'Journalism topics only' started by Smallpotatoes, Apr 1, 2019.

  1. Amy

    Amy Well-Known Member

    Don’t forget about state requirements. States usually track IRS provisions on procedural stuff.
     
  2. Joe Williams

    Joe Williams Well-Known Member

    \

    First year I had a fair amount of freelance, I just paid what I owed. The next year, I got a letter from IRS saying I had to make quarterly payments or face a penalty. The third year, I had to pay a penalty and from that point on made quarterly payments unless my income (and day-job withholding) bumped up enough to reach that "100 percent of previous year" threshold.
     
  3. stix

    stix Active Member

    Find a CPA to guide you. They know all tax laws and can tell you what to do.

    It’s a as worth it for me when both my wife and were working as freelancers/contractors. It relieves the stress of doing all that yourself. Just keep track of all your expenses, they’ll advise the rest.
     
  4. icoverbucks

    icoverbucks Member

    Deduct everything you do ... all travel from your house to anything ... that mileage adds up .... if your home is your office (and this is in broad terms) you can deduct the percentage of square footage of overall house for your office space in terms of your phone bills, cable (if needed for work), gas, electric, water and trash

    Basically if you have a 2000 square foot house and your office is a 20x10 foot room, 200 square feet, you ought to be able to deduct 10 percent of those bills ... your accountant can help you

    But between mileage and utilities and any other un-reimbursed expenses (hotels, meals on road trips etc) I have been able to knock down my tax bill quite a bit

    Every little bit helps
     
Draft saved Draft deleted

Share This Page