Kevin G. Conlon, CPA/PFS from Conlon & Company CPA's, PLLC joined Katrina Irwin on News 8 at Sunrise Monday. He had some advice for people who are doing freelance work or starting up their own businesses.
Tax tips for freelancers
1. Get a good cpa
2. If you earn $600 + from 1 client, you must report it
3. If you net $400 + for the year, you have to play a self employment tax in addition to income tax
4. You must pay taxes quarterly after 1st year
5. Make sure to track business expenses for deductions
6. Solid record keeping.