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EP31 - The 5 Biggest Mistakes Freelancers Make (And How to Fix Them)
Most freelancers don't fail because they're bad at what they do. They fail because no one ever taught them the business side. You've got the talent and the drive to go out on your own, but the financial mistakes you make in your first year can haunt you for years—or worse, put you out of business before you ever hit your stride.
In this episode, Anastasia and Myiesha break down the five biggest mistakes freelancers make when transitioning from W-2 employment to running their own business. You'll learn why co-mingling accounts is a disaster waiting to happen, how to actually set prices that cover your costs and build profit, why hourly billing keeps you broke, what startup costs you're missing, and how to avoid the tax surprises that crush new freelancers. Whether you're considering going freelance or you're already in the thick of it and feeling overwhelmed, this episode gives you the exact fixes you need to stop bleeding money and start building a sustainable business.
⏱️ Timestamps:
00:00 Introduction to Freelancing Pitfalls
01:27 Understanding Co-Mingling Finances
03:47 Navigating Taxes and Savings
06:16 Setting the Right Prices
10:33 Importance of Contracts and Communication
12:47 Commonly Missed Deductions
14:38 Dealing with Overwhelm: First Steps
14:55 Importance of Accurate Bookkeeping
15:07 Budgeting and Expense Management
16:41 Licensing and Sales Tax Considerations
17:09 Creating Efficient Systems
17:34 Hiring Help vs. DIY
21:07 Tracking Large Purchases
24:23 Tax Filing Responsibilities
25:38 Seeking Professional Help
26:48 Conclusion and Contact Information
Why subscribe? Every week, Let's Get Fiscal shares tax strategies and business finance advice that actually work for real entrepreneurs—not corporate-speak you can't use. You'll get specific, actionable tactics, real client scenarios, and answers to the money questions keeping you up at night. The goal is simple: make business finances less intimidating and more profitable.
🔗 Listen everywhere:
Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448
Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11
Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast
📊 Helpful resources:
Got a question for the show? Submit it here: https://www.coterietax.com/qa
Want to listen to more episodes? Start here: https://www.coterietax.com/podcast
Need personalized help with your business finances? Visit: https://www.coterietax.com
What's your biggest tax or money question right now? Drop it in the comments below—Anastasia and Myiesha read every comment and love helping with real-world situations.
#FreelancerTaxes #FreelancerMistakes #SelfEmployedTaxes #FreelanceBusiness #SmallBusinessTaxes #FreelanceFinances #QuarterlyTaxes #FreelancerTips #BusinessBookkeeping #SoloPreneur #CreativeFreelancer #LetsGetFiscal
View all episodes
By Coterie Tax & Advisory Inc.Most freelancers don't fail because they're bad at what they do. They fail because no one ever taught them the business side. You've got the talent and the drive to go out on your own, but the financial mistakes you make in your first year can haunt you for years—or worse, put you out of business before you ever hit your stride.
In this episode, Anastasia and Myiesha break down the five biggest mistakes freelancers make when transitioning from W-2 employment to running their own business. You'll learn why co-mingling accounts is a disaster waiting to happen, how to actually set prices that cover your costs and build profit, why hourly billing keeps you broke, what startup costs you're missing, and how to avoid the tax surprises that crush new freelancers. Whether you're considering going freelance or you're already in the thick of it and feeling overwhelmed, this episode gives you the exact fixes you need to stop bleeding money and start building a sustainable business.
⏱️ Timestamps:
00:00 Introduction to Freelancing Pitfalls
01:27 Understanding Co-Mingling Finances
03:47 Navigating Taxes and Savings
06:16 Setting the Right Prices
10:33 Importance of Contracts and Communication
12:47 Commonly Missed Deductions
14:38 Dealing with Overwhelm: First Steps
14:55 Importance of Accurate Bookkeeping
15:07 Budgeting and Expense Management
16:41 Licensing and Sales Tax Considerations
17:09 Creating Efficient Systems
17:34 Hiring Help vs. DIY
21:07 Tracking Large Purchases
24:23 Tax Filing Responsibilities
25:38 Seeking Professional Help
26:48 Conclusion and Contact Information
Why subscribe? Every week, Let's Get Fiscal shares tax strategies and business finance advice that actually work for real entrepreneurs—not corporate-speak you can't use. You'll get specific, actionable tactics, real client scenarios, and answers to the money questions keeping you up at night. The goal is simple: make business finances less intimidating and more profitable.
🔗 Listen everywhere:
Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448
Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11
Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast
📊 Helpful resources:
Got a question for the show? Submit it here: https://www.coterietax.com/qa
Want to listen to more episodes? Start here: https://www.coterietax.com/podcast
Need personalized help with your business finances? Visit: https://www.coterietax.com
What's your biggest tax or money question right now? Drop it in the comments below—Anastasia and Myiesha read every comment and love helping with real-world situations.
#FreelancerTaxes #FreelancerMistakes #SelfEmployedTaxes #FreelanceBusiness #SmallBusinessTaxes #FreelanceFinances #QuarterlyTaxes #FreelancerTips #BusinessBookkeeping #SoloPreneur #CreativeFreelancer #LetsGetFiscal