Difference Between an Invoice & a Statement

In everyday language, the words "invoice" and "statement" are often used interchangeably. Many times this is correct. An invoice is a type of statement, but a statement is not always an invoice. There are dozens of examples where a business document can serve as a combined invoice and a statement of account.

How Much to Set Aside for Taxes for Freelancing

IRS rules as of February 2011 state that if you net $400 or more from freelancing, you must file a tax return. This likely comes as no surprise. However, the amount to set aside for taxes varies based on a few considerations. Keep in mind that percentages, credits, exemptions and other factors that may affect tax amounts change from year to year. Keep yourself informed or consult a tax professional experienced in freelance income reporting to verify that your information is current.