Self-employed individuals in the US must pay the self-employment tax, which includes Social Security and Medicare taxes. The tax rate is subject to change and must be paid throughout the year. If net earnings are $400 or more, the tax must be paid. In the United States, the self-employment (SE) tax is the tax that […]
As unemployment rises, more people are turning to self-employment, but not everyone will be successful. Self-employed people need self-discipline, the ability to handle tasks outside their skillset, sales skills, and creativity to stretch limited resources. It takes more than desire to be successful. As more and more people find themselves out of work due to […]
Self-employed individuals can deduct half of their Social Security and Medicare taxes and general business expenses, including home office supplies and health insurance costs. Careful record-keeping is necessary for deductions, and only expenses specifically used for business may be deducted. Salaried employees are not eligible for this deduction. Self-employment tax deductions can benefit self-employed individuals […]
Self-employed workers must file a 1040 form and Schedule C, and complete an Annex C or Annex form depending on their business type. They must also pay self-employment tax and may be subject to assessed tax. Tax breaks and credits are available, including deductions for work-related expenses and half of the self-employment tax. Workers can […]
Self-employment grants can be private or public, with private grants coming from entrepreneurial businesses or foundations, and public grants from government agencies. These grants are given to those in need and do not need to be repaid, but caution should be taken to avoid scams. The application process can be lengthy. Most self-employment grants are […]
Self-employment advice sources vary depending on the information needed. Government associations, tax professionals, marketers, and like-minded individuals are useful for business owners. Small business associations and successful entrepreneurs can provide start-up advice. Professionals in legal, tax, and financial fields can assist with specific areas. Networking through online forums and local business associations can also be […]
Self-employed workers can benefit from tax deductions on Social Security and Medicare withholding, as well as business expenses such as home office costs, supplies, and health insurance. Deductions can also be made for phone and internet usage, but only for business-specific expenses. Health insurance costs for the self-employed and their family members can also be […]
