If you want to move to the country, it helps to take a business with you; something to pay the mortgage while you’re acclimating. This is why the Catskills is bustling with artists, freelancers and business owners. It’s a tourist haven for the arts, products, hospitality, sports and crafts. In three very difficult and monumentally life-changing steps, here’s how it’s done:
- Start side business.
- Quit full-time job to focus on side business.
- Move to country.
Upstate Dispatch’s mission is to help you conquer these three steps, starting with the side business. Here are four essential tips for the young businessperson starting out and the fledgling freelancer.
Pay quarterly estimated taxes. Your employer used to withhold taxes from your periodic salary payments. You are now responsible for paying your taxes instead of your employer with the added bonus that you are now responsible for all of your social security and medicare contributions; as a W2 employee your employer paid half of your social security and medicare contributions. You need to pay quarterly estimated taxes based on your income less your business expenses. Continue reading