Do you travel a lot for

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Your business? Do you need certain software that requires a monthly fee, such as QuickBooks? Also, include in your budget those expenses that show up annually or quarterly, like the estimated tax bills. Outlining a monthly budget for these will let you know how much you need to make to cover expenses. You can set your freelancing income goals based on this and strive to go above and beyond them. 2. Plan for and Pay Quarterly Estimated Taxes An important part of your financial responsibilities as a freelancer is to plan for and pay freelancer taxes.

These include what’s called quarterly estimated taxes and are due four times a year — April 15th, June 15th, September 15th, and January 15th. Since you are not a typical employee where taxes are taken out of each paycheck, you’ll need to set aside Bahrain WhatsApp Number amounts to pay the estimated taxes each quarter. Paying on time can help you avoid penalties imposed by the IRS, state, or local tax agencies on tax date in April. To help you calculate what you need to plan for and pay each quarter, look to the IRS tax form 1040-ES. You can also divide last year’s income tax liability by four and use that as your estimated tax to pay each quarter.



Adjust as you see fit to accommodate new business coming your way, a potential loss of clients, or a change in the amount of time you devote to your freelancing business. 3. Plan for Retirement Now that you are finally your own boss, you need to consider your future and how you will pay for it. Having to plan your own retirement savings strategy is a big transition from your days working for someone else who did most of this for you.