Video: Tax Organization Tips for Freelancers in San Francisco
Learn tax tips for freelance writers, contractors and others!
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Video Transcript: Tax Organization Tips for Freelancers
Hi I’m Chun Wong, a CPA and partner at Safe Harbor, LLP, a tax and audit firm based in San Francisco, California. Today’s topic is tax organization for the freelancer. Entrepreneurs, freelancers, self employed or sole proprietors are business people who receive a 1099 instead of a W-2 for their products or services. This group of people have not picked a choice of entity and all of their income or expenses are reported on the schedule C of their 1040. We have seen a lot of entrepreneurial spirit especially here in the middle of Silicon Valley. Our advice is almost always the same. Keep it simple. It does not matter where you start as long as you build a strong financial foundation. A good start would be opening up a separate bank account for your business. Record keeping could be as simple as performing a monthly bank reconciliation. Record keeping could be as simple as recording all your income or expenses on a sheet of paper monthly or by keeping track of these expenses and income on an Excel spreadsheet. Two very important things that we always remind the freelancer or entrepreneur to do is to ensure that they have to pay all of their self employment taxes and to always remember to pay quarterly estimated tax payments because now you are your own boss. Being self employed or a freelancer can be very rewarding. Give yourself the best possible advantage, consult with your local tax professional or for more information email us.
Video Target: Freelance Writers, Contractors and Self-Employed in San Francisco, CA
This video discusses tax tips for freelancers. San Francisco is a city of freelancers – artists, videographers, writers, contractors, etc. So if you are self-employed in San Francisco, watch this video to learn tax tips for freelancers and self-employed.