Many freelancers opt to own and operate their business in the form of an S corporation (also called a Subchapter S corporation), as doing so allows them to reap some helpful tax savings. Put simply, when your business is an S corporation (a.k.a. S corp), you become its employee for tax purposes. Most S corporations, […]
Expanding the Social Safety Net in the Gig Economy
Within the next decade, over half of the workforce will be made up of freelancers. Many of these independent contractors, a.k.a. gig workers, are working in warehouses and construction sites or driving for courier services. Their industry ancestors spent the better part of the past century fighting for protections, but because these new contingent workers […]
The Easy Guide to Writing a Business Plan as a Freelancer
A business plan is a document that you create, either by yourself or with help from others. It lays out all of the goals that you have for your freelance business for the next three to five years. Those goals include your financial projections. But, in addition to writing down your goals, your business plan […]
A Freelancer’s Introduction to Getting Taxes Right
When working as a self-employed freelancer, one of the biggest tasks that you’ll need to accomplish is paying your taxes. Things are quite different as a freelancer than an employee, so knowing what steps you need to take throughout the year, as well as during tax season, is key. To help you navigate the complicated […]
The 12 Biggest Mistakes When Starting a Business
Everyone makes mistakes—even the savviest entrepreneurs. But if you know some of the most common, and biggest, mistakes that people make when starting a business, you can take steps to avoid problems that could set you back from reaching your goals. We know that launching a successful small business is hard enough, so we’ve compiled […]
The Smartest Business Entities for Freelancers
When starting out as a freelancer, one of the most important decisions that you’ll need to make is what type of business entity you’ll use in order to do what you love. Put simply, this is the choice you’ll make regarding how you’ll organize your business. The entity that you choose will have a big […]