Just saw that 44% of freelancers don't track their quarterly taxes, found that in a Freelancers Union survey last week

I stumbled on that stat while looking for tax tips, and it blew my mind because I almost missed a payment myself in Q2 last year. Anyone else surprised by how many of us just wing it with quarterly estimates?

3 comments

3 Comments

emma_lee227d ago

Wow, that stat really hits different when you've had a close call yourself! I used to think the whole "quarterly payments" thing was just the tax software trying to scare people into overpaying, but then I realized they're actually trying to keep you out of trouble. This makes me feel way less alone in the whole messy process though, so thanks for sharing it.

adam1867d ago

Right? And the thing nobody talks about is how the IRS actually has a waiver for the first year's penalty if you can show you had a good reason for missing payments, so there's a little more room to mess up than most people realize.

fisher.jessica7d ago

Whoa, that's a wild stat but it actually makes sense when you think about how many freelancers don't have a separate bank account for their business money! Mixing personal and business cash makes it super easy to spend what you owe in taxes without even realizing it. I bet if more people set up automatic transfers to a savings account right when they get paid, that number would drop fast.