In a recent interview I listened to with Shark Tank entrepreneur Robert Herjavic on the December '15 SUCCESS audio CD he pointed out one of the hardest things to do is accumulate capital. "It's one thing to get paid a lot of money but if you look at the tax system in North America it's really hard to amass capital," says Herjavic.
Below is a great little resource for the self-employed. I came across this easy to follow illustration on need-to-know's for reducing liability, saving money, and planning for tax season. At the very least it's a good refresher for EVERY freelancer. Let's keep as much of that EARNED capital in our pockets as possible.
Provided by Micah Fraim, CPA http://www.fraimcpa.com