Tax Law Category

Understanding the Basic Deductions of Freelancers


Businesses have been looking for numerous ways to cut back on expenses, and removing writers, artists, and other creative professionals from their payrolls has become a more common practice, according to Business Insider. Part of this is in anticipation of the impacts of the Affordable Health Care Act as it imposes numerous stringent requirements on certain businesses and their employee plans. Part of this stems from just having to cut costs. However, the work still has to be done, and so these businesses are turning to freelancers to fill those needs.

Even as the economy is doing poorly in many parts of the nation, freelancing is still a viable career for those who are willing to learn the ropes. Since freelancers are independent contractors, doctrines of respondeat superior and concerns of insurance do not generally apply. However, as a freelancer, your dealings with tax law will change significantly. Tax law is complicated enough when you are handling it as an employee, but it beco...

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