Sound familiar?
You can be profitable on paper and still feel broke when quarterly taxes hit during a slow month. Your income fluctuates every month, you never know what you'll owe in taxes, and it's terrifying. You're profitable but don't know how much to set aside, so you're either cash-strapped or unknowingly overfunding taxes.
You can be profitable on paper and still feel broke when a quarterly payment hits during a slow month
Freelancer, via selfemployed.com
Taxes aren't taken out automatically when clients pay; many freelancers don't think to save money for taxes throughout the year
Source: TaxAct Blog
Freelancers are responsible for tracking expenses, paying quarterly taxes, and budgeting for lean periods, a daunting task without employer guidance
Source: LinkedIn/Gayathri Gopalan