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A blog to help freelancers with taxes - Collective

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Federal taxes

Guides

The Freelance Designer’s Tax Survival Guide: Keep More of What You Earn

Freelance design taxes come down to a few habits: know what you owe, set money aside as you…

Oct 26, 2026 · 12 min read
Blog

10 Tax Mistakes That Cost Freelance Designers Thousands (and How to Fix Them)

Most tax mistakes freelance designers make aren’t about breaking rules. They come from missing systems: no money set…

Oct 26, 2026 · 10 min read
Guides

S Corp Taxes: The Complete Guide for Small Business Owners

Understanding S Corp taxes can feel confusing because there isn’t one S Corp tax. Instead, as an owner,…

Oct 8, 2026 · 11 min read
Tax Tips

Self-Employment Tax Explained: A Guide for Freelancers & Contractors

Self-employment tax explained for freelancers: the 15.3% rate, how to calculate it, a table by income level, and…

Oct 7, 2026 · 7 min read
Tax Tips

High-Impact Ways to Reinvest Your Tax Refund Into Your Business

A tax refund feels like found money. It isn’t. It means you overpaid throughout the year and the…

Apr 30, 2026 · 4 min read
Blog

You Missed the Tax Deadline and Didn’t File an Extension. Here’s What to Do.

April 15th came and went. You didn’t file a return, and you didn’t file an extension. The window…

Apr 17, 2026 · 4 min read
Blog

Self-Employed Retirement Plans: Which is the Best for You?

When you work for yourself, no one is automatically setting money aside for your retirement. That responsibility is…

Aug 10, 2020 · 7 min read
Business Formation

S Corp vs. C Corp: What’s the Difference and Which Is Better for Your Business?

The main difference between an S Corp and a C Corp is how the IRS taxes the business.…

Jun 22, 2020 · 12 min read
Blog

Should I Pay Someone to Do My Self-Employed Taxes? Here’s How to Know

It’s a DIY world out there, with many small-business owners handling much of the work that bigger corporations…

Apr 24, 2020 · 5 min read
Blog

5 Self-Employed Tax Mistakes that Cost You Big Time

Raise your hand if you’d rather host a luncheon with Pennywise the clown than deal with your self-employed…

Apr 3, 2020 · 7 min read
Blog

What You Need to Know About the 2020 Tax Deadline Extension

They say the only two things certain in life are death and taxes. Amid the coronavirus pandemic, taxes…

Mar 25, 2020 · 3 min read
Blog

7 Things You Need to Do to Prepare for Your Self-Employed Taxes

It’s tax season, and you know what that means: doomsday is upon us! The earth is cracking, fire…

Jan 27, 2020 · 11 min read
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Net profit = Total revenue - total expenses

  1. Find total revenue. Add up all money your business earned from sales of goods or services during the year.
  2. Subtract your expenses. Deduct all business costs like supplies, rent, utilities, software, contractor payments, and loan interest.

An estimate is fine, you don't need exact figures.

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You withhold income tax, Social Security, and Medicare from their paychecks, and they get a W-2 form from you at the end of the year.

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We are experts in the unique needs and challenges of self-employed people and know that our confidence gives others confidence, too. Reach out to say hello and join our team.

We are experts in the unique needs and challenges of self-employed people and know that our confidence gives others confidence, too. Reach out to say hello and join our team.

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Collective provides a suite of tools, back-office support, and general information. Our services are not intended as tax, legal, or professional advice.

* Savings estimates reflect the average 2023 federal self-employment (SE) tax savings for Collective members with an S Corp tax election, based on business profits that would've otherwise been subject to SE tax. Actual savings will vary based on individual circumstances.

** Based on data sourced from Shopify blog, QBO Essentials, QBO Live, Gusto, Taxfyle, Intuit "Tax Pro" Research, LegalZoom and JustAnswer.com as of August 2025.

† Individual tax return packages are billed as an annual, one-time add-on fee.

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