Help! I'm a newbie freelancer who needs guidance on taxes
July 20, 2013 9:10 AM Subscribe
I'm new to the world of freelance writing but not making enough to hire a tax advisor. Should I start paying taxes in September? And how can I write off the depreciation of my laptop?
posted by bluelight to Work & Money (13 answers total) 2 users marked this as a favorite
So I have multiple streams of income. I just started freelancing earlier this month.
1. $1500/month from an internship, runs from July to October, four months total = $6,000
2. $100 - $200/month from a freelance writing position
3. $400 - $700/month from a second freelance writing position
Since I'm making over $400, I know I'll definitely need to report the income. I do have some things I know I'll write off, like train tickets and home office (I read about that new $5 x square footage rule).
I guess my question is...since I just started this month, should I be reporting my taxes starting in September for that quarterly taxes thing? And can I (and how should I) write off depreciation of my laptop? Or use of my camera? Or should I just buy a separate laptop now so I don't have to mix the two? I know taxes cut into freelancing income a lot...
Thanks so much!