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Taxes for Freelance Developers Full Course

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Rating: 4.5; Vote: 2

A discussion of why proper tax management is crucial for freelancers and self-employed developers who wish to get ahead financially. This video discusses core tax concepts, the taxation of various business structures, deductions, making one s payments, as well as state and local taxation. The advice is mainly applicable to people in the United States. Note: Neither Luke Ciciliano or freeCodeCamp are holding themselves out as tax professionals. The information in this video is a matter of personal opinion and should not be seen as tax or investment advice. Any decisions regarding taxation and investments should be discussed with a licensed professional. Course Contents (0:00) Introduction (4:56) Why You Must Be Mindful Of Your Taxes - Discussion of how taxes impact your financial standing - Discussion of how most people aren t mindful of tax management (9:32) Core Tax Concepts - Differences between revenue and income - How individuals & different business entities are taxed Overview - Levels of taxation federal, state, local - The difference between taxes paid, and taxes paid in during the year (25:49) How Different Business Structures Are Taxed - Understanding the Qualified Business Income Deduction QBI - Taxation of sole proprietorships - Taxation of Limited Liability Companies - Taxation of S Corporations (37:34) Understanding & Maximizing Tax Deductions - Understanding deductions - Common deductions - Deductions commonly missed - Tax benefits of retirement savings (56:33) Making Tax Payments During The Year - Making estimated tax payments - Problems with overpaying during the year (1:03:25) Where You Live Impacts Your Tax Bill - State & local tax considerations Resources Intuit Payroll: https://quickbooks.intuit.com/payroll/ Form 1040-ES: https://www.irs.gov/pub/irs-pdf/f1040es.pdf
Date: 2022-03-23

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Comments and reviews: 4

Reinhold
Anyone who does not understand these basics should not be allowed to run a business. 70% of new businesses in the US fail within 5 years mainly for a lack of knowledge.
Financial management (accounting, taxation, cost calculation, ...) is the key to running a successful business. Net income does not necessarily mean taxable income. Cash flow management is another important part of financial management!
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Dark
I was considering freelancing in my country, but is not economical decision, because I have to pay social security and medical tax regardless what I make, and I'm afraid I will never find work so I will be at lost. Also required to create a company.
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Craig
Something to add is if you make below a given amount (I think 11k a year in income) then there is no tax. Like it is a grace bit for the extreme poor.
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Reinhold
Business entity selection should be based on certain criteria. Taxation, liability, regulations are the top criteria to consider.
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