Contractors/freelancers - what's the worst or hardest part about being a freelancer finances?
I'm a contractor and I get paid a daily rate. For me a major pain is estimating and keeping track what my monthly or longer term income will be and how that impacts my budget. Income taxes, VAT and expenses just make it even tricker to accurately plan.
Am I the only one?
Ya tracking income tax is a pain, also lack of clarity on what is deductible.
Thanks. So how would an ideal solution work for you? You input your income (e.g. hours worked x hourly rate) and the app simply tells you how much you make, how much the tax is, and how much your take home pay is?
For expenses do you want to search by category or something and see if it’s deductible? Would you be doing this on the fly or only when doing your book keeping?
Idea solution for me would be a an app that was closely integrated with my bank accounts...automating each incoming check, automating a transfer of funds to a savings account, tracking my payments and highlighting deductible expenses...also freelancers in california are meant to report this quarterly which can be a pain.
Right now I link all my bank accounts into mint, drop that all in a spreadsheet, and then work through everything at the end of the years with a CPA.
The contractor diligent work ethic and expertise were evident throughout the project, ensuring its timely completion and adherence to specifications. Their commitment to excellence greatly contributed to its overall success.
Sound good. I want to try this model for my contract based project. Can you help me regarding this? You can see her my project detail https://kettlecontracting.com/