Tax Planning for Freelancers and Self-Employed Professionals 

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When it comes to life as a self-employed/freelancer, there are a lot of perks. You get to manage your time for the most part and can do as little or as much as possible with as much work as you’re willing to put in. However, some other things, such as tax planning, can be a bit stressful. Your taxes are taken care of in a typical 9-5, but as a self-employed individual, it’s on you, baby. Here are some tips for better tax planning for those who “do their own thing:”

Use beneficial software

When you want to be sure you’re managing your money and doing your taxes right, online tools can make a difference. Writing down everything in a notebook is cute, but it’s an outdated way to manage your finances. Plenty of financial apps can help you manage and track your spending; often, your bank offers these features directly through their app.


Using one of the best options for professional tax software makes planning easier for you, as does keeping track of your income, expenses, and more. While most software charges you something to use, it’s worth it for how it can help you keep on top of tax payments and finances. 

Hire a tax professional  

While you may want to do your taxes well, many of us have yet to be shown how to have the best practices for optimal tax planning. In some cases, it can be useful to work with a tax professional as they can help you to navigate the challenging aspects of preparing your taxes and estimating tax payments. They can also be useful when unique situations impact your taxes. 

Stay organized 

Organization is key for the self-employed person who wants to be on top of their tax payments and finances. That means having a place where you keep receipts and staying on top of all the payments you must make. 

While one hopes never to be audited, keeping all of your bases covered can be useful by ensuring you’re on top of everything from the expenses reported to your tax payment schedule. Just like someone who runs a business would need to have everything organized with their finances, so should the freelancer to avoid any discrepancies regarding their taxes.  

Look into deductions

An area where you may need help with your taxes is in deductions. Certain expenses can be counted as business expenses, so if you want to make sure you’re paying less than what you imagine you’d need to, take time to figure out the available deductions for you and your specific situation. 

This may be another scenario where getting help from a professional could be beneficial as they’d know where you could be getting tax deductions. But if you’re flying solo with your tax planning, do your research, and you’ll be sure to find ways to save more regarding taxes. 

Contribute to retirement savings

If you want to save money even further regarding tax benefits and payments, you should start contributing to some type of retirement plan available for self-employed individuals. Not only can this make a difference in your current tax planning, but it’s also beneficial for your future. 

If you need help planning out your finances to determine the best options for tax savings and planning, consider speaking to an accountant to help you understand the most optimal decision for you. 

Free Tax Documents on the Table Stock Photo

In Conclusion 

When you want to stay on top of your finances and taxes as a self-employed freelancer, think about these tips. It’s important to stay organized and consider using tools that simplify the process to stay on top of your taxes and more. 

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