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Tax Planning for Freelancers: 5 Strategic Moves To Make Now To Avoid Tax Pain Next Year

Allwork

While the dust from the 2023 tax filing season has long since settled, if you are a freelance worker, independent contractor , or digital nomad, now isn’t the time to forget about your taxes. ” In this form of business, the freelancer is personally responsible for all aspects of the business, including its debts and legal obligations.

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Do Women Need to Save More When Planning for Retirement?

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Negotiate for a higher salary. Not only does getting a higher salary mean you can contribute more to your retirement accounts, but your Social Security payment is based, in part, on your highest 35 years of earnings. Just don’t let your lifestyle negate your increase in pay. To qualify, you must be married, filing taxes jointly.