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View Full Version : Huge taxes for freelancers?


hiphopcr
05-25-2005, 06:53 PM
I actually just found out that I'm staff, not freelance, but still, I can't believe the crazy taxes contract employess pay. I just got a figure saying that generally 50% goes to taxes and health insurance.

beaker
05-25-2005, 09:28 PM
How many dependants did you put on your w-4 form? That decides how much taxes are taken out.

fxjeane
05-26-2005, 11:58 PM
I actually just found out that I'm staff, not freelance, but still, I can't believe the crazy taxes contract employess pay. I just got a figure saying that generally 50% goes to taxes and health insurance.

It is true you pay a lot of taxes.. but as a contractor you can deduct a LOT of expenses. You can deduct every movie you see and DVD that you buy as a bussiness expense (for research) . I know some people who are really creative with their taxes.

Here is a piece of advice.. save every receipt of everything you spend, they can be very valuable at tax time.
I would also recommend hiring a CPA with enterteinment bussiness experience. They know how to squeeze every penny.

Cheers
Rudy

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