Self-employment is a powerful path to financial freedom. Freelancers, independent contractors, and solopreneurs put in a relentless effort to secure financial stability. But here’s a surprising fact that we extracted from IRS data: over 3 million self-employed individuals in the US consistently overpay their taxes due to inefficient tax filing.
The following are the biggest reasons self-employed individuals overpay taxes.
- Not receiving personalized tax packages from their accountant.
- Filing their taxes by themselves.
- Lack of tax planning throughout the year.
- Being too preoccupied to focus on taxes.
- Or, simply tax is a boring topic.