A discussion of why proper tax management is crucial for freelancers and self-employed developers who wish to get ahead financially. This video discusses core tax concepts, the taxation of various business structures, deductions, making one’s payments, as well as state and local taxation. The advice is mainly applicable to people in the United States.
✏️ Course developed by Luke Ciciliano.
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Note: Neither Luke Ciciliano or freeCodeCamp are holding themselves out as tax professionals. The information in this video is a matter of personal opinion and should not be seen as tax or investment advice. Any decisions regarding taxation and investments should be discussed with a licensed professional.
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⭐️ Course Contents ⭐️
⌨️ (0:00) Introduction
⌨️ (4:56) Why You Must Be Mindful Of Your Taxes
- Discussion of how taxes impact your financial standing
- Discussion of how most people aren’t mindful of tax management
⌨️ (9:32) Core Tax Concepts
- Differences between “revenue” and “income”
- How individuals & different business entities are taxed – Overview
- Levels of taxation – federal, state, local
- The difference between taxes paid, and taxes paid in during the year
⌨️ (25:49) How Different Business Structures Are Taxed
- Understanding the Qualified Business Income Deduction – QBI
- Taxation of sole proprietorships
- Taxation of Limited Liability Companies
- Taxation of S Corporations
⌨️ (37:34) Understanding & Maximizing Tax Deductions
- Understanding deductions
- Common deductions
- Deductions commonly missed
- Tax benefits of retirement savings
⌨️ (56:33) Making Tax Payments During The Year
- Making estimated tax payments
- Problems with “overpaying” during the year
⌨️ (1:03:25) Where You Live Impacts Your Tax Bill
- State & local tax considerations
⭐️ Resources ⭐️
Intuit Payroll: https://quickbooks.intuit.com/payroll/
Form 1040-ES: https://www.irs.gov/pub/irs-pdf/f1040es.pdf
⭐️ Suggested Reading ⭐️
Business Adventures by John Brooks: https://www.amazon.com/Business-Adventures-Twelve-Classic-Street/dp/1497644895/ref=sr_1_1?crid=2QJXLNQTFFB3F&keywords=business+adventures+by+john+brooks&qid=1647462109&sprefix=business+adv%2Caps%2C159&sr=8-1
Unshakeable by Tony Robins: https://www.amazon.com/Unshakeable-Your-Financial-Freedom-Playbook/dp/1501164597/ref=sr_1_1?crid=15NVF6AF3HGLO&keywords=unshakeable+tony+robbins&qid=1647462146&sprefix=unshakeable%2Caps%2C70&sr=8-1
⭐️ Luke’s Prior Videos ⭐️
Guide to being a successful freelance developer: https://youtu.be/4TIvB8zDFio
Getting clients as a freelance developer: https://youtu.be/Z63TxAJotgQ
Video Credits
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oão Adão from Pexels
olia danilevich from Pexels
Tima Miroshnichenko from Pexels
Pavel Danilyuk from Pexels
Mikael Blomkvist from Pexels
🎉 Thanks to our Champion and Sponsor supporters:
👾 Raymond Odero
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