Private Practice Accounting Blog

12

Nov

Uncategorized

What Taxes Do I Pay As a Freelancer?

Do you work for Uber, TaskRabbit, or Fiverr? Or perhaps you find your own freelance gigs through Craigslist. If things are really going well, maybe your customers or clients find you! Hopefully they pay you in dollars, yen, pesos, or some kind of currency and not in “exposure,” which does not have an exchange rate and cannot be used to pay rent. Regardless of how you find gigs or how they find you, there is a really important difference between freelancers (also known as “independent contractors”) and employees. As a freelancer, you are your own business. This means that you…

3 Tax Tips for Your Private Practice

Taxes get messy. As far as we at TL;DR Accounting are concerned, that is quite the understatement! While you’re free to roll up your sleeves and dig through the gunk of tax law yourself, chances are taxes aren’t your “thing” — after all, you opened a therapy practice, not a tax firm. Still, we’re happy to give you three quick tax tips that will help you save money and stave off some major headaches later on. https://youtu.be/bttdR8AXOzk Tip #1: Keep Track of Your Income and Expenses Have you been tracking the income and expenses of your therapy practice? We highly…

Big Life Events and Your Taxes

“Life… uh… finds a way.” ~ Dr. Ian Malcom, Jurassic Park You might say that life finds a way, or life gets in the way, or that “Life is what happens to you while you're busy making other plans” (John Lennon). As accountants, we make it a habit to not get into stuff that’s not our business. On the other hand, your marital status, home ownership status, parental status, and the State you reside in can significantly affect your tax and business situation. Without further ado, let’s get into some life situations and how it might affect your personal…