What's the deal with taxes as a self-employed freelancer?

Self-employed folks need to pay both income tax and self-employment tax (which covers Social Security and Medicare), so you're essentially paying the employer and employee portions yourself. Most people set aside maybe 25-30% of their income throughout the year to cover what they'll owe, though it depends on your actual tax bracket. You'll file quarterly estimated taxes in most cases rather than waiting until April, and keeping meticulous records of expenses, invoices, and deductions is crucial since the IRS scrutinizes freelancers more closely. Honestly worth talking to an accountant at least once to set up a system that works for you - it saves headaches later.