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The Ultimate Financial Guide for Freelancers: Avoiding Tax Pitfalls, Investing with No Savings, Deductions by Profession, Budgeting Tips, and Choosing the Best Business Entity

Apr 14, 2023
(updated: May 17, 2023)
Max 5 min read

Welcome to our weekly edition of tips on how to run a freelancing business. This week’s tips are all about money – that sweet, sweet currency that makes the world go ‘round.

As much as we love the freedom and flexibility that comes with an independent lifestyle, we also know that managing finances can be challenging.

That’s why we’re here to share some budgeting tips, investing advice, and tax-saving strategies to help you make the most of your hard-earned dollars!

Weekly Must-Read Tips

14 Common Tax Pitfalls to Avoid

Taxes can be hard to navigate, especially as a freelancer. Every wrong choice can lead to serious consequences (and money left on the table). 

And when you’re in a hurry, it’s easy to overlook the important things. Stay out of trouble with these common tax pitfalls you’ll definitely want to avoid.

How to Start Investing (Even if You Have No Savings)

Being a freelancer is very rewarding, but also unpredictable. This makes it challenging to build up savings, let alone invest them. Discover the best ways to start investing your freelance income.

Lower Your Taxes: Best Tax Deductions by Profession

Deductions are a critical lifeline to lower your taxes. The good news? There’s A LOT of items you can deduct as a freelancer. Make sure you’re deducting everything you could be with our helpful list of items.

Best Ways to Budget as a Freelancer

As much as we don’t like to think about it, clients can come and go at any time. And if you aren’t prepared, it can leave you scrambling for the next one. Check out the best ways to budget, so you can be prepared for those “rainy days.”

LLC vs S Corp: Best Options for Freelancers?

What kind of business should you operate under? That’s the big question. Each entity has its positives and negatives that can impact your finances. Click to find out which option is right for you!

Whether it’s avoiding tax traps, starting your investment journey, or budgeting smarter as a freelancer, remember that small steps can lead to big results.

Don’t wait any longer, start taking control of your finances today. And remember Indy can help you navigate tight corners of a freelancing career, save time on admin and create invoices that will get you paid fast.

Get started today!

Get the tools to manage your entire freelance business, free online courses to accelerate your growth, and join a community of freelancers just like you.
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