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by kingnothing 3413 days ago
Incorporate.

Get an accountant.

Buy health insurance.

Prepare to pay significantly more in taxes.

3 comments

Familiarise yourself with the local tax regulations. You should be able to expense most things related to your work (home office, office supplies, internet etc).

Learn basic accounting, and do it yourself using an online package like WaveAccounting or Xero.

In Canada, freelancers often pay less tax than their full-time counterparts.

> Prepare to pay significantly more in taxes.

And pay them quarterly, which can be done online via https://www.eftps.gov/eftps/

Doesn't this just allow you to pay in 4 payments instead of one? I am not aware that it allows you to pay less.
All independent and freelance workers are required to pay 1040-ES every quarter and could/might/will face penalties if they don't make payments in a timely manner or underpay. Estimated payments are a way to balance out the taxes you owe to the government.
Forgot to say im already working as a sole trader, so i already have an accountant and already paying those taxes