Taxation is far from being the most exciting part of your freelancing business. As a matter of fact, it is a very dull, boring, time-consuming, frustrating and expensive part of your life.
Generally, those responsible for withholding are called “withholding agents.” This means any person that is bound to deduct and withhold any tax on income payments pursuant to the provision of the Puerto Rico Internal Revenue Code.
Tax season is just around the corner and the computation of income taxes becomes the main topic during this period.