Hello, freelancers. I was just wondering if you guys are registered as a business (and file your taxes accordingly).
I make some money freelancing (maybe $2000 this year), but it is not my main source of income, and my main source takes enough out in taxes that I always get money back, so I have just declared the money as "additional income" on my annual taxes.
My question is do you file as a business? If so, what all do you need to go towards this? Is the work of establishing a business really worth it for meager earnings?
Everything I find online is conflicting, so I'd love to know what you guys think.
I got into freelancing because I like writing, but the logistics are overwhelming.
I make some money freelancing (maybe $2000 this year), but it is not my main source of income, and my main source takes enough out in taxes that I always get money back, so I have just declared the money as "additional income" on my annual taxes.
My question is do you file as a business? If so, what all do you need to go towards this? Is the work of establishing a business really worth it for meager earnings?
Everything I find online is conflicting, so I'd love to know what you guys think.
I got into freelancing because I like writing, but the logistics are overwhelming.