Freelance Graphic Design & Taxes. Need some input please. good ، Freelance Graphic Design & Taxes. Need some input please. good
I’ve been doing some jobs over the last few years and have been always paid using PayPal.
Lately, my income from this hobby has been increasing. Some logo/branding jobs range from $200 to over a $1000.
Most of my prior income (logo contests) was used to buy things online: computers and other equipment so I hardly ever transfered any to my bank account.
But now I have quite a bit of money sitting my PayPal account and want to send it to my bank account to invest in other things. Wouldn’t my bank be suspicious of me sending large amounts of money into my account?
I’m currently registering a business name and making a new website. I’ve been dealing more with local clients and need to start taxing this stuff.
I have actually set aside about $2k just in case I get screwed over later on.
Would anybody be able to tell me how I should go about accounting for all my transactions? Also, if I win a contest (99designs or whatever), how do I go about taxing it?
Thanks!
