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Can you explain what Freelance/Self Employment means?
I know it means working for yourself, but I need a bit more information on the taxes,income etc of it. Could anybody help me out?
Thanks a bunch
1 Answer
- Anonymous8 years agoFavorite Answer
A self-employed person/freelancer is the same as an independent business. He needs to find business, i.e. sources of income. He would be responsible for paying taxes directly to the government. He would have to keep detailed records of income and expenses so that he doesn't pay too much or too little in taxes. He would need to decide whether to operate as a sole proprietor, LLC, corporation or other entity. Depending on the jurisdiction, he'll probably need a business license. He would need to get liability insurance.
Those are some of the basics. Depending on the industry there will be other considerations.