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Goal met, phew!

February 3rd, 2010 at 05:29 am

I started the year with a goal to earn a minimum of $500 a month from regular freelance work. It doesn't sound like a lot, but with two babies and me having to do all of my work at night... Well, yeah, it can be a lot.

I'm happy to report I exceeded this for January, bringing in $750, and I am on track to bring in about $1100 in February. Woo-hoo! Of course, I will have to pay a big chunk of that in taxes, but it feels nice to meet the goal and have some steady work coming in.

2009 was hard. My and hubby's freelance work dried up. It became clear exactly by how much when I started looking at our taxes. In 2008, we made $28,000 in side income after expenses, and in 2009, it was only $3400. That's a huge difference.

Here's hoping 2010 is better!

Posted in Uncategorized | 6 Comments »

6 Responses to “Goal met, phew!”

  1. creditcardfree Says:
    February 3rd, 2010 at 01:46 pm 1265204785
    1265204785

    That's great news! I hope the work keeps coming your way.

  2. homebody Says:
    February 3rd, 2010 at 02:13 pm 1265206398
    1265206398

    When I was self-employed my accountant told me to sit aside 40% for taxes, ouch! But good for you!

  3. thriftorama Says:
    February 3rd, 2010 at 04:27 pm 1265214448
    1265214448

    The tax bit is pretty huge, thanks to the self-employment tax penalty. I'd say about 50 percent goes to taxes once state, city, and federal are paid. Talk about a disincentive...

  4. whitestripe Says:
    February 3rd, 2010 at 07:51 pm 1265226663
    1265226663

    wow. here if you're a sole trader you get tax benefits practically thrown at you at the moment.

  5. ceejay74 Says:
    February 3rd, 2010 at 09:40 pm 1265233250
    1265233250

    I think it's because employers shoulder some of the burden for you, so when you're self-employed it feels like you're being taxed more heavily.

  6. thriftorama Says:
    February 3rd, 2010 at 10:42 pm 1265236945
    1265236945

    Yeah, when you have an employer, they pay half of your social security tax. When you are self-employed, you pay all of it. plus medicare, income, state, and local tax.

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