You're in charge. You set your own schedule, rates, and clients or jobs to work on. You can take a three-week vacation if you want to — the choice is entirely yours. You might be able to save money on taxes. More tax deductions for meals, travel and other expenses are available to freelancers. Each paycheck does not have federal and state taxes withheld. Instead, freelancers pay the IRS directly. You have the potential to earn more money. Freelancing entails a high level of risk and reward. Your pay is as high as you want it to be. It all depends on how much you want to charge and how frequently you want to work.