I am looking to start a freelance writing business, but am a little confused on how the process works as far as taxes go.
For example, I plan to run my business by securing various projects, and working on whatever projects that I get. That said, I really have no guaranteed set monthly income or hourly rate. When I do get work, could I just use one of those online paycheck calculators, plug in my withholding numbers, and send in the amount that it says should be taken out for Federal, State, SS, etc. If so, I'm also confused on where it actually gets "sent to" and are there any special forms that I need?
Also, being that I am just starting to establish my business and haven't earned a penny yet, what documentation should I get together to prove self-employment? I ask this because my COBRA is running out soon and I plan to apply for the State Children's Health Insurance program for my daughter, and the Adult version for me, and I know I need proof of income/employment.
Once I start making some money, I plan to secure an accountant and an attorney to go over everything in detail, but I can't afford that now. Any guidance someone can give me on how to get started in this aspect is appreciated, as I want to do things the "right way." Thank you!
For example, I plan to run my business by securing various projects, and working on whatever projects that I get. That said, I really have no guaranteed set monthly income or hourly rate. When I do get work, could I just use one of those online paycheck calculators, plug in my withholding numbers, and send in the amount that it says should be taken out for Federal, State, SS, etc. If so, I'm also confused on where it actually gets "sent to" and are there any special forms that I need?
Also, being that I am just starting to establish my business and haven't earned a penny yet, what documentation should I get together to prove self-employment? I ask this because my COBRA is running out soon and I plan to apply for the State Children's Health Insurance program for my daughter, and the Adult version for me, and I know I need proof of income/employment.
Once I start making some money, I plan to secure an accountant and an attorney to go over everything in detail, but I can't afford that now. Any guidance someone can give me on how to get started in this aspect is appreciated, as I want to do things the "right way." Thank you!