What every new freelance court reporter should know about self-employment and paying taxes begins with investing in good expense record keeping. Starting off on the right foot with the IRS from the outset is important, as you are now officially a self-employed professional. If you are beginning to generate more than a part-time cash flow (more than $75,000), then you should start thinking about incorporating. There are benefits to incorporating, even if you are working alone as an independent contractor. There are some liability protections as an LLC but you could still file as a sole practitioner (IRS Schedule C) and contribute to you rown retirement plan, IRA, SEP, or 401k. Let's connect if you are interested in a further conversation.
