Be sure that you deduct the agency fee as an expense against your freelancing income, as well as the other business related expenses.
Tax Thread for Influencers/Freelancers - Managing Finances:
Open a separate bank account, where all your freelance/bus income gets paid to and where you pay business transactions from.
This not only makes accounting easier, but shows the monthly profit you're making.
Be sure that you deduct the agency fee as an expense against your freelancing income, as well as the other business related expenses.
When you have lots of motor vehicle expenses, the logbook will allow you to claim a % of that expense.
Tax is always a % of an expense. See example in note 5
Person A
Income: 100k
Expense: 100k
Profit: 0
Tax: 0
Person B
Income: 100k
Expense: 50k
Profit: 50k
Tax: 15k
Better to get a 50k profit and pay 15k in tax than earn no profit and pay no tax.
Person B has a 35k better cash flow than Person A
A self employed person can claim business expenses just like a PTY can.
Should you which to get more specific advice, you should reach out to a consultant.
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"I lied about my basic beliefs in order to keep a prestigious job. Now that it will be zero-cost to me, I have a few things to say."
We know that elite institutions like the one Flier was in (partial) charge of rely on irrelevant status markers like private school education, whiteness, legacy, and ability to charm an old white guy at an interview.
Harvard's discriminatory policies are becoming increasingly well known, across the political spectrum (see, e.g., the recent lawsuit on discrimination against East Asian applications.)
It's refreshing to hear a senior administrator admits to personally opposing policies that attempt to remedy these basic flaws. These are flaws that harm his institution's ability to do cutting-edge research and to serve the public.
Harvard is being eclipsed by institutions that have different ideas about how to run a 21st Century institution. Stanford, for one; the UC system; the "public Ivys".
As a dean of a major academic institution, I could not have said this. But I will now. Requiring such statements in applications for appointments and promotions is an affront to academic freedom, and diminishes the true value of diversity, equity of inclusion by trivializing it. https://t.co/NfcI5VLODi
— Jeffrey Flier (@jflier) November 10, 2018
We know that elite institutions like the one Flier was in (partial) charge of rely on irrelevant status markers like private school education, whiteness, legacy, and ability to charm an old white guy at an interview.
Harvard's discriminatory policies are becoming increasingly well known, across the political spectrum (see, e.g., the recent lawsuit on discrimination against East Asian applications.)
It's refreshing to hear a senior administrator admits to personally opposing policies that attempt to remedy these basic flaws. These are flaws that harm his institution's ability to do cutting-edge research and to serve the public.
Harvard is being eclipsed by institutions that have different ideas about how to run a 21st Century institution. Stanford, for one; the UC system; the "public Ivys".
