Hello and

welcome to Moneygirls Quick and Dirty Tips for a richer life.

I'm Laura Adams. Have you ever thought about starting your own business? It could be work you do on the side while you keep your full time job, or you could become a full-time

freelancer like Michael who wrote hi Laura I'm just getting into

freelancing I have no regular job and all my clients pay by check I have no idea where to start on the whole

self-employment tax and what is allowed to ride off. Do you have any resources or

applications that will help? Michael, thanks for the question and congratulations on making the

leap into freelancing. Becoming self-employed can be very exciting and

financially rewarding. Whether you call yourself a freelancer, independent contractor, or sole proprietor, you're actually becoming a small business owner.

And yes, there are plenty of issues that can overwhelm you.

But I'll give you some resources and information to cut through the confusion.

When you become self-employed, you start wearing many different hats.

All of a sudden, you're the sales, operations, legal

and financial departments all wrapped up in one person. I can tell you from personal experience

that when you go into business business one of your new best friends

should be an accountant.

I recommend that you find someone who's local so you can actually have a face-to-face meeting.

Make it a point to speak with a couple different people to briefly discuss your business.

Then choose someone who listens well and seems to understand the kind of work you're doing.

A good accountant can save you money by making sure you plan accordingly for taxes and

write off as many business expenses as possible.

When you start working for yourself, one of the most important tips I can give is to be prepared for what you'll owe in taxes.

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