Zinzy’s multiple income streams became a tax nightmare. It cost her dearly. In this fourth MoneyMakeover Absa Q&A, find out how to manage your tax as a freelancer and ask your questions CPMoneyMakeover MoneyTips Tax
This week Maya Fisher French and her guest, Absa Investment Specialist Faizal Noor, talk about how to manage your tax as a freelancer or ensure your side hustle income is properly managed.University lecturer Zinzy is academically smart but acknowledges that when it comes to her finances, she has made some “ignorant financial decisions”. Managing money is not something you learn at school or university, and without that knowledge, even well-educated people can find themselves in difficulty.
Though she admits to making multiple money mistakes, she says freelancing to earn extra income and not sorting out the tax implications is one of the worst. Thankfully, with the guidance of her Absa financial adviser, Phumzile Dube she is on her way to building a sustainable financial future and wealth through holistic financial planning.
In this episode find out how tax rates work and why when you earn more, the marginal tax rate increases. This includes rental income from property too, for example.