Freelancing certainly has its benefits, but it can result in serious complications at tax time. The Internal Revenue Service (IRS) considers freelancers to be self-employed, so if you earn income as a freelancer you must file your taxes as a business owner. While you can take some additional deductions if you are self-employed, you’ll also face additional taxes and reporting. You’ll need to gather and report all sources of income, track your 1099 forms, pay additional self employment taxes such as Social Security and Medicare, payroll, identify “ordinary and necessary” deductions as defined by the IRS, and much, much more.
If it sounds complex, that’s because it can be. EQUINOX knows the rules and can help you with all your tax related processes, expenses, deductions, preparations, filings, business statements, payroll, etc. Don’t go it alone and risk an audit or missed deductions that could have lowered your tax payments. Let EQUINOX do the work and you can focus on what you do best, operate and grow your business.