Episode 214: From Employee to Entrepreneur: Key Considerations
Update: 2025-04-25
Description
Please email me, David Chudyk, with any questions, or if you just want to connect: david@parallelfinancial.com
Takeaways:
- Freelancers and independent contractors have more control over their work compared to employees.
- It's important to remember that freelance income is subject to self-employment taxes, unlike W2 income.
- Planning for irregular cash flow is crucial for freelancers and independent contractors.
- Independent contractors can deduct business expenses, which can lower their taxable income significantly.
- Having a good relationship with a tax professional is essential for managing freelance income.
- Freelancers must handle their own training and professional development expenses, which can add up.
Links referenced in this episode:
Mentioned in this episode:
Inside the Mind of an Aquirer
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