The Gig Economy & Self-Employment
1099 income management
This 8-part series provides comprehensive coverage of Quarterly Estimated Taxes. Topics include Quarterly Estimated Taxes, Sep Ira Solo 401k Simple, Home Office Deduction, Vehicle Expenses, Hobby Loss Rules, Self Employment Tax, Health Insurance Deduction, Hiring Your Child.
Articles in this series
Quarterly Estimated Taxes: The Underpayment Penalty
Quarterly Estimated Taxes: The Underpayment Penalty ==================================================== The first time most new freelancers and self-employed workers learn about estimated taxes...
SEP IRA vs. Solo 401(k) vs. SIMPLE
SEP IRA vs. Solo 401(k) vs. SIMPLE: Choosing Your Retirement Account ===================================================================== Self-employed workers and small business owners without...
Home Office Deduction: Direct vs. Simplified Method
Home Office Deduction: Direct vs. Simplified Method ==================================================== The home office deduction is one of the most frequently available and most poorly...
Vehicle Expenses: Mileage vs. Actual Cost
Vehicle Expenses: Mileage vs. Actual Cost ========================================== A vehicle used for business—driving to client meetings, making deliveries, visiting job sites, transporting...
The "Side Hustle as a Loss" Trap: Hobby Loss Rules
The "Side Hustle as a Loss" Trap: Hobby Loss Rules =================================================== Running a side business that consistently loses money sounds counterintuitive as a financial...
Self-Employment Tax: The 15.3% Surprise
Self-Employment Tax: The 15.3% Surprise ======================================== Most people who leave W-2 employment to freelance or start a business know they'll owe income tax on their...
Health Insurance Deduction for Solopreneurs
Health Insurance Deduction for Solopreneurs ============================================ For self-employed workers without access to employer-sponsored health insurance, individual health coverage...
Hiring Your Child: Legal Tax-Saving Scenario
Hiring Your Child: Legal Tax-Saving Scenario ============================================ A family-owned business paying a child for legitimate work is a straightforward and long-standing tax...