I recently became self-employed and I'm looking for some help with understanding my tax situation.

Right now I'm doing freelance work just under my own name/SSN, but I suppose I could transition to an LLC and have a business tax identity.

Anyways, I'm looking for recommendations or any help.

Among my concerns/questions:

• how do I make quarterly tax payments (like literally...is there a website or something?)
• right now I've been withholding 22% of my invoices - is that enough? too much?
• want to make sure I'm doing my best to get all deductions, credits, etc. or any possible tax shelter/reduction opportunities

Thanks!

You need a CPA, too many variables.

Call Boldt and Boldt CPA's. Great guys, Aggie's, smart accountants.

Call Tom Wright at RSM.

1. This is a great article explaining the reason behind and process of paying taxes quarterly as a self employed individual. There's also a link tot he IRS site where you pay your taxes.

https://www.aol.com/guide-paying-quarterly-taxes-181739583.html

2. I would absolutely form an LLC if you're able. We have a couple for various reasons, and used legalzoom. It was super easy, and has really paid off. Having an LLC allows you so many tax benefits, and way less personal liability were anything to happen. Your home is your office, and think about all the bills that come through that are linked to your "business office". I like this article that compares the pros and cons:

https://www.listenmoneymatters.com/llc-vs-s-corp/

3. Write-offs are amazing, and nearly infinite. Unless you want to read tax code or peruse the internet for every little thing you could write off, I'd absolutely get a CPA for taxes if you can. They do this for a living, and just KNOW the stuff we don't. It's not impossible to learn yourself, but I found that it's worth the small CPA fee (We only pay $350) to really maximize our write-offs.


Taxes are tough. Good luck!

May I suggest contacting Meredith Stone with Stone Concierge Financial Solutions. Meredith is an Aggie and I know her personally so I am happy to vouch for her. Info here:

https://www.linkedin.com/in/meredith-stone-b8501714/