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If you are a freelancer or content creator, what part of your finances gives you most troubles? looking to understand financial issues with taxes/finance management with freelancers and content cre...

Welcome to Personal Finance's Private Community

If you are a freelancer or content creator, what part of your finances gives you most troubles? looking to understand financial issues with taxes/finance management with freelancers and content creators.

Are you a freelancer/content creator

Growth Manager

Are you a freelancer/content creator- Grapevine

Any full time employees freelancing here? How do you manage your taxes? Also, is it a violation of corporate policies?

What are some smart ways in which to minimize tax liabilities as a freelancer? Should I look at forming an HUF, sole proprietorship, PLC? 

Use Case - I am looking at remote opportunities with US startups and many of those pay their overseas teammates as independent contractors; not as employees. 

In such case where CTC > 40LPA fixed, what are some of the best tax saving hacks that one can execute?

TIA!

Best way to minimize taxes as a freelancer in India?

Analyst

I would like to know the following:

1. One/two liner about what exactly you do.

2. How long have you been working as a freelancer.

3. Are you happy with the work ?

4. How's work/life balance like ?

5. What's your average monthly income ?

6. Why did you choose freelancing over a regular full time job ?

7. Pros/Cons of being a freelancer.

8. How do you get your work, do you reach out to people or do they reach you ?

9. Is it a sustainable lifestyle ?

8. Any interesting story ?

If you are a freelancer, tell us about your work

Senior Software Engineer

Welcome to Software Engineers's Private Community

Hi, Would love to know if anyone is doing freelancing full time or part time. Like how you folks started? How do you find clients regularly? Do you have indian clients or from US or Europe? Love to know more about this as I want to get started in the freelancing world.

Freelancing Advice

Software Engineer

The gig economy has really taken off, hasn't it? I've got a friend who left her 9-to-5 to become a freelance graphic designer last year. 

She loves the flexibility, but man, does she stress about income stability. It's got me wondering about the trade-offs. 

For those of you who've made the jump to freelancing or contract work, what's been your experience? How do you handle the uncertainty?

From stable paycheck to freelance life: How do you deal with the uncertainties that come with this?

I have always been very intrigued about managing my own finances, never hired a CA till now. 

But every year when the tax return filing time comes I run into the same thought - Am I paying too much taxes, is there a way to plan it better?

wanted to get some information on how are you guys managing your taxes. 

- Do you guys have a dedicated CA? does hiring a CA helps? 

- How do you plan your finances? investing/Saving/restructuring to avoid paying the maximum taxes? 

- Some people setup a side business to set off some recurring losses/expenses to some extent. Does that work in long term? 

- In terms of wealth generation, what is your strategy? How much you are able to invest? What assets are good in your POV?

P.S. - Before someone comes up with you need to pay taxes so India can grow. I understand your POV but IMO, I am not able to get the benefits/infra in return, but I with all my heart believe in India’s growth story.

People with 50L+ taxable income, how are you managing tax planning?

Staff Engineer

People with 50L+ taxable income, how much taxes are you paying? is there a way to reduce that?

Hey folks, wanted to understand a couple of things from experienced folks here -

1. What does freelance consulting look like?
2. How to start working in freelance consulting(shadowing/independent projects for free/volunteering etc.)?
3. Are there any hard barriers to entry(YoE, MBA, T1 grad for example)?
4. What platforms should one use to obtain projects that pay decently well - 2-3 hours daily leading to ~30k earnings monthly? If this is an unrealistic expectation, how does the payscale build over time?
5. Any other insights/comments that would affect the decision to work on freelance consulting.

Thanks in advance!

Path to working freelance(consulting) sustainably

Welcome to IT Company Discussion's Private Community

Any thoughts on career transition from full time at big companies to freelancer? 

I have 5.7 years of exp of FSE. and would like to settle as freelancer in near future. 
I want to experiment this option for 1 year and if not succeeded is it okay to switch back to full time emp? Is it worth taking the risk considering my financial status? 

I see these are pros and cons
Pros:
Complete wfh.
Direct contact with clients no boss/manager

Cons:
Income will be effected if no project. 
Continuous search for projects. 
Risky. 

Any other pros and cons one can think of pls mention in the comments. I would definitely try this option for atleast one year.

Transition to Freelancer in India.

Software Developer

Hi everyone ,
I want to know if there are any freelancers out there or have knowledge of it ? I want to start freelancing and made an account on fiverr and upwork but I don’t know to start initially. Also, would leaving the job in the long run be fruitful for the sake feelancing as I see a lot of people make a lot more than corporate job. And last but not the least , I see a lot of people struggling to get money out of clients.

Advice about Freelancing

Fellow freelancers of coders/designers.

I used to freelance via upwork. Now I have a direct UK based client outside of Upwork. 
I don't know how to receive a payment.

- Do i set up a PayPal account ?
- He said he can try using WISE transfer  ? Is it possible to transfer directly to my personal bank account ?
- What are the rules ? Does RBI creates issues in bank transfer/PayPal ?
- Anything I am missing?

Want to complete this all today so he sends it tomorrow and I get a Diwali baksheesh :)
Help appreciated.

How to receive foreign payment of freelance

UX/UI Designer

I did not pay any taxes in 2022, since I had not made any money.

From March '22 to March '23, I made around 28L, so 14L taxable. However, I'm only seeing advance tax payment option.

How do I pay tax for last year, or is it not needed and I pay advance tax only by extrapolating this year's income.

Or is the advance tax I'm paying for last year only?

Pls help, thanks.

Freelancer, need tax help.

Product Designer

Really excited to do this! 

Here's a little bit about my career:

- I dropped out of college to build a design studio with 20+ people for 4 years before leaving that to start another studio.

- I’ve worked across most major startups in Bangalore (not including brand names here for anonymity)

- I’ve worked across brand identity design, UX/UI, social media marketing, ad films, animation/motion graphics, and 3D

Happy to answer questions about design, freelancing, starting an agency/studio, the design industry, etc.

AMA ☞ Founder of a design studio based out of Bangalore

Founder

Hi, I need some help from the finance experts.. I have been doing freelancing for a few months. Until now I was doing it on upwork and other freelancing sites and the amount was also lower (<1lac). Recently I was working with a client outside of the freelancing sites. The client will be paying me in dollars. For transferring the payment he said he will only do via wire transfer.  Now my question is which is the best way to reduce the taxes which I have to pay to the government. The amount will be >10lac. I am already earning more than 10lpa from my job so if I get that money in my account I'll have to pay more tax. On the other hand my parents earnings are not coming under the income tax slab. Should I directly transfer the amount in my account or to my parents account or should I create a msme and register it under GST? 

TIA 🙏

Need help in getting usd from a client.

Welcome to Indian Startups's Private Community

The number of Indians paying income tax is very low primarily due to lack of tax regulations in the business sector and how easy it is for a local shop, a services business or manufacturers to hide revenue and save on tax. 

As a fellow tax payer, why are we in the service class not willing to turn to a freelancing services model to hide our incomes instead of paying taxes at the source? Or is this not possible in the nature of our services?

Taxes amongst service and business classes

Systems Engineer

hey folks do you declare any side/freelancing income information during return filing?  
if your side hustle is over 5L but less than 20L, will you declare or keep it hidden?

income tax on freelancing

Engineering Manager

If you are an over performer and doing great work at your company, I request you to also start working for yourself. You have no idea how much you can make just working directly for clients.

For all the rockstars at work

Consultant

For a few months now, I have been looking for some freelance work in content creation for some extra income to support my family. However, there has been no luck. Whichever portal I go to, recruiters are only looking for full time employees. 

Neither are part time jobs available. 

Is this anyone else struggling with finding freelance work? If yes, have you found a solution?

Are you a freelancer/content creator

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