If you're self employed or doing freelance work, it's recommended that you take a cut of what you make and save it for taxes later. If you're a self employed worker, you have to file a schedule c at the end of the year, which includes loss from business as well. Once you file, you will be responsible for paying taxes on your earnings. Since taxes are usually not taken out, you have to pay them at the end of the year or in the next few years.
This year I didn't save enough, so I'll have to pay a little extra from my budget, but I will be able to afford them this year. Next year I will make sure to take out enough for taxes going forward.
This year I didn't save enough, so I'll have to pay a little extra from my budget, but I will be able to afford them this year. Next year I will make sure to take out enough for taxes going forward.
