3 Administrative Details Freelancers Should Know About
Over the past decade, the amount of video production work opportunities available to people without a full-time job has improved considerably. Today, there are many different types of video jobs that a freelancer can do either in lieu of a full-time job or as something to make some extra money. While it can be a great idea to pursue a job on the side, there are some administrative details that all freelancers need to be aware of.
When you are going to be a video production freelancer, you may need to have a legal license in place to do the job officially. If you do not have the proper licenses in place, you could be shut down and even face stiff penalties. It is important to fully understand all of the licensing laws related to your specific job and to comply with them.
One of the biggest challenges that all freelancers have is managing their taxes. Filing taxes as a freelancer can be tricky. Unlike full-time jobs, you likely are not having any money reserved from your income with each payment. However, you are still going to be responsible for your federal and state taxes at the end of the year. At the same time, if you owe a big balance when your income taxes are due, you could be assessed further penalties. When you work in the gig economy, you should consider sending in an estimated amount of taxes that you owe on a quarterly basis. You should also remember to keep receipts for any expenses that you incur as a result of doing the job as these will be tax deductible.
Whenever you are acting as a freelancer, you are taking on some form of professional responsibility. This is a risk that many freelancers do not realize or account for. Depending on the type of job that you do, you may be required by law to carry the appropriate insurance. Whether it’s traveling to a film shoot, carrying or hauling equipment, ensuring your property and the equipment you use isn’t broken or damaged in any way, essentially whatever situation you may find yourself in within the film industry, you need to make sure you’re protected. There are many freelance jobs that do not come with a need to carry insurance but still pose risk. Because of this, you should consider getting a liability insurance policy in place.
When you are looking to start any new freelance job, it is important to consider all aspects of the opportunity. There are often additional responsibilities or administrative tasks that you may not be aware of. By doing your research you should be able to figure out what these tasks and responsibilities are.