|03-13-2011, 01:47 PM||#1 (permalink)|
Join Date: Mar 2011
What is it like to work Free Lance?
I've just started working Free Lance 2 mths ago. It is a horrible start. I estimate that i only earn 40% of what I used to earn. And I didn't earn a lot in the past anyway as an average lowly office executive.
My main problem is that my work assignments (I teach music in schools, teach science in tuition centres and give home tuition to two kids seperately) make me travel everywhere.
I drain energy from
a) travelling. Sometimes I travel one hour from one place to another.
b) messy schedules, rushing from one assignment to another.
c) children drain me when they want attention
d) classroom teaching drain me (as many as 40 8-yr old kids in a classroom) cos i cannot manage them well
Does anyone have similar work? would love to hear your tips.
|03-13-2011, 03:04 PM||#3 (permalink)|
Join Date: Dec 2010
Now I am planning to find a job at an international company and maybe to start photography as a business. But at the moment I think a 9 to 5 work would suit me better.
Last edited by NickWeb; 03-13-2011 at 03:08 PM.
|03-13-2011, 05:32 PM||#4 (permalink)|
Join Date: Mar 2009
I work freelance and it suits me extremely well. I earn more than I did when I was working full-time salaried. Of course, I have expenses I didn't then - like paying for my own healthcare, phonecalls, etc. But on the other hand, these are all now tax deductible expenses, plus I can claim other things as tax deductible expenses that I couldn't before (portion of rent, power, research materials, entertainment, etc) so it all kind of ends up working out in my favour.
First of all, what are you charging? If you work out what you were getting paid when you were salaried, your freelance hourly rate should probably be three times that. Otherwise you're undercharging.
Can you change the way that you teach, ie. start taking on small groups in your own home rather than rushing somewhere else to teach?
Are you claiming all the expenses you're entitled to as a freelancer? All your travel expenses should be tax deductible now. I realise that you don't technically 'get' this money until it's time to pay your taxes, so the first year can be tough, but it's a nice bonus if you can make it work.
Also, are your skills sufficiently valuable to allow you to earn a living as a freelancer? If you were a 'lowly office executive before', is the level of demand for a low-level skill group sufficient to be able to let you charge an adequate rate? By the time I decided to go freelancing, I was in a high-demand skill group. That's really what allows me to get away with charging the rates I do.
|03-14-2011, 07:28 AM||#5 (permalink)|
Join Date: Nov 2007
Location: A cute little town in Sweden :)
|03-14-2011, 11:38 AM||#6 (permalink)|
Join Date: Dec 2010
|03-14-2011, 01:44 PM||#7 (permalink)|
Join Date: Aug 2010
The deductions are pretty rigid and from my experience, self-employed people who file schedule C's tend to get audited at a much higher rate than people who are employed with a business and receive W-2s and unemployment tax deductions on a quarterly basis. I think this is just because people who are self-employed may not have much accounting acumen and they tend to make a lot of mistakes on their tax forms - so for an auditor, it's sort of a sure thing that you will find someone to get extra dough from if you pick a high percentage of self-employed people to audit.
There's no clearly stated policy regarding this, but...it just seems startlingly common.
The US tax policies are simply atrocious. Designed to protect the very wealthy and penalize middle income earners. It's been that was for decades.
|03-15-2011, 12:10 AM||#8 (permalink)|
Join Date: Mar 2009
|03-15-2011, 06:39 AM||#9 (permalink)|
Join Date: Jul 2010
Location: San Diego CA
I've been on my own for over 5 years, but my gig is way different than yours. If I had do drive an hour each way to herd 40 eight year olds......
Your description of your job kinda makes it sound like you really don't want to be doing it. Draining. I don't know, that's something for you to work on if you choose.
But while you are doing this, just control what you can. One thing might be schedule. Over time, maybe you can slowly modify people's schedule with you so it isn't so messy. You are serving them, but you can still be a little directive with your clients. A sane schedule makes me feel a lot better.
As for the business aspect of it, I hope at least you are taking all your deductions. Every mile you drive, all your expenses. Quickbooks and a good CPA are your best friends. Note that this is all from a US point of view. Can't say for other countries. Overall, the US tax code favors businesses, even small ones, over employees. But you need the expertise to know how to use it.
Forty eight year olds. Hard for me to imagine!
|03-15-2011, 08:24 AM||#10 (permalink)|
Join Date: Jan 2011
Hi Bliss Sage, I live in sweden to and i'm about to start my own freelance business. But I don't find the taxes that bad really ..
Or perhaps I only think that because I haven't started yet, but what I've been told by my business advisor those extra costs should be covered by your costumers so you do get enough money left to live on >.>
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