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Freelancing has emerged as a preferred career choice amongst many individuals who wish to work independently and remain self-employed. However, as a freelancer, it is difficult to keep track of your expenses.
The tax system in the US works on a pay-as-you-go basis, so the IRS collects income taxes throughout the year via payroll taxes. Generally, if you are a W-2 employee, you automatically get your taxes withheld by your employer.
However, as a freelancer, taxes aren’t a cakewalk-. You’re your own employer, thus, you have to pay a bit extra in “self-employment tax” to contribute to Social Security and Medicare.
There are multiple ways to keep track of your expenses, ranging from bookkeeping to using the software. For some, the latter is preferred since it reduces the burden of keeping track of receipts.
With FlyFin’s quarterly tax calculator, you can get the most accurate quarterly tax calculations based on your income and deductions. On average, 75% of freelancers overpay on their taxes as many do not consider deductions while estimating their tax amount.
FlyFin scans your expenses and automatically finds deductions and are also reviewed by CPAs. You just have to answer a few questions, and you will receive an accurate quarterly tax amount within 5 minutes.
Want to know more about FlyFin? Head on over to the FlyFin website.
