Tax Pitfalls to Avoid if You are Self Employed
With the world being in constant change, there is a rise in the international connectivity and high-quality tech which has led to a rise in a gig economy. As a result, many people have taken their jobs in their hands and are now working for themselves.
It is encouraging to see people take their entrepreneurial skills to an advanced level but it is frustrating that many of them are doing so without a clear idea of their tax obligations. If you are just starting up, here are some common tax pitfalls that you must try to prevent.
Not Recognizing Oneself as a Freelancer
Many people make money freelancing as a side gig alongside their day job and assume that because they are paying tax at work, they do not have to pay tax on their freelance wages. Such people have …