I went on an informational interview this week and the person offered me the chance to do a project their company and said they would pay me. I was shocked. I’ve never done freelance work before and have no idea A) what to charge, or B) how to claim it on my taxes. Do you have an resources that could guide me on what to do?
Here is how our T.A.P. experts answered this question:
Q#238 Gd advice here; ask their budget, tailor work plan 2 it; usu takes 3x as long 2 complete as I estimate. (@juliaerickson)
Q#238 Freelance work=charge 2-3 times normal “employee” rate to cover tax/expense. Put 25% in sep acct 4 tax. (@beneubanks)
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