Freelance Taxes: What You Need to Know

How to pay freelance taxes, what are quarterly taxes, and why are freelance taxes so different? Those might be questions you have as you start your freelance career, and today I'm answering them! Visit hellofound.co/ to make paying your freelance taxes easier AND to help support the channel!
This video was proudly made in collaboration with Indie, but opinions are all my own.
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☽ Thanks to indie.app for sponsoring today's video! All opinions are my own.
TIMESTAMPS
0:00 Welcome and Disclaimer
0:56 Introducing Indie
2:20 Freelance taxes explained
3:30 Why pay taxes?
5:33 Quarterly taxes explained
6:12 Knowing what you owe
8:13 Business bank accounts
9:09 Business expenses
12:01 Examples of business expenses
13:01 Travel expenses
15:21 Equipment, services, labor
17:08 Tax mistakes
17:37 City and state taxes
20:37 Wrap up
#SocialMediaManager #Freelancer #Entrepreneur

[@wellnessleads]

Really glad you covered that $1000 quarterly tax rule, I never really understood that aspect of freelance taxes.

[@thelatashajames]

I honestly didn't understand it either until I researched it for this video! Thanks for watching :)

[@wowericka]

I’m really glad you make these videos! Thank you so much 🙏🏽

[@lianacris7568]

Thank you so so much for sharing these tips Latasha! I never really knew how to navigate this aspect of freelancing and was always confused before. This helps sooo much!

[@thelatashajames]

Thanks for tuning in! Yes, this can be a super stressful part of getting started! I'm glad I helped a bit :)

[@stevenigohosian8578]

So very helpful! Thank you, Latasha!

[@JadeTrading]

Interesting video as always. Thank you for sharing 🙌👍

[@christinasciblo]

Perfect timing! Thanks Latasha

[@thelatashajames]

I'm glad it was helpful! :)

[@amandaluu8002]

This was very helpful. Subscribed. Thank you!

[@winkscreative4136]

Such good tips! These are great!

[@DeuceGenius]

Thank you I learned a lot . Piecing together how all this works

[@dior3820]

great video! very informative :)

[@phoenixdowner]

I found your channel while looking up Lili. It is similar to the Indie card you mentioned, but Indie sounds better. New subscriber. Exactly the information I been needing to know, but was having problems finding. Funny how I found you looking up something else.

[@morijin6903]

You have helped me. For this I thank you 😁.

[@caragrogan3026]

I’ve been waiting for this video as a new freelancer and the year coming to an end! Thank you so much. Are the tools we use such as Canva premium, Adobe Photoshop, etc. considered write offs?

[@audiophile6734]

Hi! I love this video and it's super helpful! I'm curious though, how do I actually know what kind of business I should form as a freelancer. I'm not sure I'm understanding the difference between like an independent contractor and a sole proprietorship. I'm starting to understand how to pay taxes but I'm not sure what organization I would pay my taxes under. Sorry if that's a dumb question.

[@brianjett1446]

I'm going to get off topic a little, I have looked up how to pay yourself if you own your business or a freeland. You can pay yourself by a reasonable monthly salary or a weekly cash advanced. For both of them you need to keep a good detail records on everything you get or buy. Personally I want to go with the monthly salary so I can pay everything at once.

[@sammiienyc]

I’m addicted to all your videos! Quick question, I’m from Metro Detroit & would love to know if I’m only able to write off stuff regardless of how long ago I bought it?

[@Samantha-rt1kc]

Hi Latasha! This video was so, so helpful! I just have a few additional questions that I'm wondering if you could answer- 1). How quickly do you get a refund from the IRS if you overpay (right away, or do you have to wait until April/May tax time?). 2). How do you figure out how much you need to set aside in taxes if you're receiving money from two different states throughout the year? Thank you!!

[@yoelasgedom7434]

That questions actually belongs to the rules so a professional expert would help like cpa or tax expert in the rules.

[@danalivingabroad]

So is Indie the found website? Thanks for the advice!!

[@thelatashajames]

Yes it is, they rebranded but are still the same service :)

[@user-wu7qx6lb8k]

Is Indie still available???

[@omayraministry]

Like how does this work with bigcartel , etsy or shopify. I just want to start off right and get nervous for this. And as a person that wants to sell tshirt. How do you pay yourself and how much can you pay yourself? Can you do a video explaining pleaseeee.

[@thelatashajames]

I'd research e-commerce taxes. Freelance taxes are a little different :)

[@liveyourbest]

You honestly sold me on that card right away lol

[@thelatashajames]

It’s so good! 🙌🏽

[@mikereed6199]

did indie change their name, I cant find their website. I only found one spelled Indi

[@thelatashajames]

Yes, I updated the description box! hellofound.co

[@theekaa7705]

I'm sooooo stressed :(

[@Twistedsackboy]

Your advice to just go to the IRS website for a bracket of taxes does not help me, because their website does not clearly show what you are talking about. Had to give up on the video here as this is a non-negotiable step.

[@nikkalcaraz]

Is Indie still a thing? I can't find it anywhere.

[@thelatashajames]

they rebranded to found, should be linked in the description box

[@jordanperez6979]

i have a question that no one seems to know the answer too. Maybe someone here can help me. I have a regular 9 to 5 job, and I'm making money as a freelance artist. Those are 2 separate streams of income that I report to the government. When I start making lots of money from my Freelance art business ill have to switch to quarterly tax payments. (now this is the question no one seems to know) "when i switch to quarterly Tax payments will I have to report my earnings 4 times a year for both streams of income, or do I only report the income for my freelance art business?"

[@thelatashajames]

**I'm not a financial expert** but when I was in that situation, I did not have to report my salary. In fact, quarterly tax payments are just based on estimates, not final numbers. So as long as your accountant knows of your situation, they should be able to give you an estimate that makes sense for you.

[@jordanperez6979]

@@thelatashajames thank you so much. your comment was really helpful

[@MarcVisuals]

I noticed indie changed their name to found. Do you use found banking? I haven’t seen too much info on them, and would like to know what your thoughts are.

[@mthomas1091]

Me too! I'll be honest...it feels a bit sketchy that the company already changed it's name after contracting a sponsored video (& doesn't have any history or much else in the way of reviews/endorsements). We're talking about handing-over-our-money & trusting our taxes after all. It certainly does sound like a dream come true (therefore also too good to be true). You're the only person I've seen talk about it. Why do I get the feeling you jumped the gun endorsing them & can't honestly give us any re-assurance they're trustworthy based on your experience? (I know that'd put you in a tough spot).

[@thelatashajames]

​@@mthomas1091 Hi there! Sorry, I am just reading this and no -- it doesn't put me in a tough spot. I am not being paid to vouch for them today (of course this vid was sponsored, but I don't have to defend them today). Obviously I can only speak from my perspective, but they are very trustworthy and I have had no issues at all. Several of my clients/followers use them and have not mentioned any issues either. I am not sure why they changed their name, but you can reach out to them here, I've found they are very responsive: found.app/help/contact

[@DeuceGenius]

God you're beautiful