Episode 214: From Employee to Entrepreneur: Key Considerations

Please email me, David Chudyk, with any questions, or if you just want to connect: [email protected] Takeaways: Freelancers and independent contractors have more control over their work compared to employees. It's important to remember that freelance income is subject to self-employment taxes, unlike W2 income. Planning for irregular cash flow is crucial for freelancers and independent contractors. Independent contractors can deduct business expenses, which can lower their taxable income significantly. Having a good relationship with a tax professional is essential for managing freelance income. Freelancers must handle their own training and professional development expenses, which can add up. Links referenced in this episode:www.allofmyassets.comdavid@parallelfinancial.comwww.weeklywealthpodcast.com Mentioned in this episode:Inside the Mind of an AquirerWeekly Wealth Website