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According to Statista, freelancers have grown from 57 million to 73 million workers since before the pandemic. Almost half of the employed workers in America are doing some level of side hustle vs working only one job.
Freelancer’s biggest nightmare is Tax Day. It’s often a huge shock when freelancers discover that the IRS wants 15.3% of their profits for self-employment tax and another 10-37% for income tax.
The surprise tax bill can often destroy a fledgling business. Yet, as followers of Jesus, we are obligated to pay our taxes.
Romans 13:7 teaches, “Pay to all what is owed to them: taxes to whom taxes are owed, revenue to whom revenue is owed.”
If you’re a freelancer, begin regularly setting aside at least 30% of your profit for taxes.
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