Comments on: Here’s A Surefire Tax Estimating Process for Freelancers

By: jeremias

jeremias — Wed, 19 Sep 2012 18:49:35 +0000

I agree with @littleoaks. So, do I have to file even if I’ll make less than $1,500 freelancing this year? I thought there was a don’t-need-to-file-if-less-than point…

By: littleoaks

littleoaks — Tue, 18 Sep 2012 14:55:31 +0000

I feel like the article could alternately be titled “Here’s a Surefire Way to Scare Yourself Out of Ever Thinking About Taking on More Freelancing.”

By: Limaceous

Limaceous — Mon, 17 Sep 2012 21:57:40 +0000

@muggles Yes, this! I’m a freelancer, but my income doesn’t fluctuate too much year-to-year, so I just use the Turbo Tax method. I also put 28 percent (chosen slightly at random) of every check I receive into a savings account designated the “tax account”, so I’ll have the money when I need it.

The major annoyance with this method is that Turbo Tax gives you four equal payments, but they are NOT evenly spaced throughout the year. I’ve griped before about the Q2 June payment, which is only TWO MONTHS after the Q1 April payment. By contrast, the Q4 January payment is FOUR MONTHS after the Q3 September payment. I just don’t understand why estimated taxes are not due every three months.

By: j-i-a

j-i-a — Mon, 17 Sep 2012 19:39:51 +0000

@Logan Sachon “Here is a surefire tax estimating process for freelancers named Jia Tolentino. First, hire a CPA. Second, hide some twenties around the house. Third, on April 17th, collect all twenties and mail to IRS in money envelope that says ‘Congratulations Graduate’”

By: j-i-a

j-i-a — Mon, 17 Sep 2012 19:36:59 +0000

@Logan Sachon hahahahahahahahahahahahahah

By: jfruh

jfruh — Mon, 17 Sep 2012 19:08:58 +0000

@deepomega this is totally solvable with math! I will email you the BASIC program I use to figure it all out if you’re interested.

By: deepomega

deepomega — Mon, 17 Sep 2012 19:03:06 +0000

@jfruh I think we actually have a Monarch Tax in the US, all monarchs living here have to give 100% of their income to DEMOCRACY

By: deepomega

deepomega — Mon, 17 Sep 2012 19:02:26 +0000

You want crazy? Try being a freelancer in a field that insists on hiring you as an employee, technically, but only for some jobs. You’re paying FICA and whatnot, but only intermittently, meaning there is literally nothing you can do to predict your tax burden. And that’s not even counting the bullshit that is “employer of record” services.

By: probs

probs — Mon, 17 Sep 2012 18:55:10 +0000

ADARMWCIRL;DR (author didn’t adequately resemble Mary Worth character in real life; didnt read)

By: jfruh

jfruh — Mon, 17 Sep 2012 18:23:30 +0000

@Choire Sicha@facebook PRETTTTY sure the Queen of England doesn’t have to pay taxes, Choire, so that’s one way to beat the system, I guess