Awesome comprehensive intro! It certainly covers a lot of details I would not have thought of, like adding credit card transaction fees to your yearly income.
Regarding a CPA, do you think it's as useful to consult with one if you're just starting to freelance? Or is a consultation more worthwhile when you have a decent income?
Great question! In my opinion, the earlier you consult with a CPA, the better. It's helpful to be starting on the right foot tax-wise, as nobody likes finding out they owe a ton of money that they haven't been saving up for come tax time.
In the grand scheme of things, you're maybe spending 1-2 hours worth of billable hours per month on a CPA. Even better - add the cost of a CPA into your yearly income!
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Awesome comprehensive intro! It certainly covers a lot of details I would not have thought of, like adding credit card transaction fees to your yearly income.
Regarding a CPA, do you think it's as useful to consult with one if you're just starting to freelance? Or is a consultation more worthwhile when you have a decent income?
Great question! In my opinion, the earlier you consult with a CPA, the better. It's helpful to be starting on the right foot tax-wise, as nobody likes finding out they owe a ton of money that they haven't been saving up for come tax time.
In the grand scheme of things, you're maybe spending 1-2 hours worth of billable hours per month on a CPA. Even better - add the cost of a CPA into your yearly income!