This tag is to be used for all questions related to Self Employment. Typically this tag should be accompanied by a geography tag indicating the region for the question along with other specific topic tags.

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0answers
40 views

Will work for donations [on hold]

We are beginning our meetings in 3 weeks for our youth ministry and haven't gotten one donation so my husband and I are offering to do work for donations for the youth ministry anything for the kids ...
1
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1answer
45 views

First year partnership - no trade tax return

A friend and I registered a partnership last year (June 2015) with the intention of running alongside current employment. However due to circumstances and time we have not actually done any business (...
2
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1answer
28 views

Can I claim W-4 exempt status if I paid self-employment tax only last year

My son is a full-time student. We still claim him as a dependent. In 2015 he earned ~$2000 as a self-employed contractor, so no tax was withheld but he owed some self-employment tax. In 2016 he ...
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4answers
92 views

How to calculate my estimated taxes. 1099 MISC + Self Employment

I receive a 1099-Misc each year and that's all†. I have to pay estimated taxes, but I don't know how to calculate them for myself. This is the current estimated tax calendar From To ...
2
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2answers
80 views

Do I have to file a self assessment tax return even if I won't be taxed? (UK)

I am self-employed but make less than the personal allowance of £11,000. The government website says my income band is taxed at 0%. Do I still have to register as a sole trader and file a tax return? ...
0
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2answers
57 views

Do I need to pay quarterly 1040 ES and 941 (payroll)?

I am self employed with an LLC that I elect to pay S-corp taxes on. I am the only employee. When you're self employed, if your taxes are greater than $1000, you have to pay quarterly taxes estimated ...
5
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1answer
84 views

How much money to put aside for taxes on earnings from side work?

I am planning to work for a fireworks distributor for 2 weeks this summer. I am going to make 15% of all sales and estimate to make $9k. How much do I need to put aside so that I don’t get KILLED in ...
1
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1answer
33 views

Exemption of foreign self-employment income for dual-status tax year

Here's my timeline: Canadian citizen, by birth, moved to US in 2003. Living in US, granted greencard from June, 2011. Returned to Canada in December, 2013 (permanently) Relinquished Greencard, May ...
5
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4answers
191 views

How to I compare pay rates for being a contractor (1099) vs. being an employee (W2)?

I have been trying to figure this out on my own but I am having some trouble. I currently get paid as a 1099 contractor, but I am switching to w2. My current pay rate is 60% of $185 per hour -- so ...
2
votes
1answer
25 views

SEP IRA across two tax years

I'm going to create an SEP-IRA for 2015, as I had some self employed income that contributed to a high marginal rate tax burden for that year. However, the amount I'm allowed to contribute from ...
0
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0answers
27 views

Do I need to file quarterly taxes if I make no money this quarter? [duplicate]

Last year I filed taxes quarterly to the IRS. In the 1st quarter of this year I will not have any income because I've been unable to work. Do I still need to file a quarterly tax payment that is 1/4 ...
5
votes
2answers
127 views

What percentage of each paycheck should a rideshare driver reserve for taxes?

Drivers for rideshare companies like Lyft or Uber are considered self-employed and required to report income on a Schedule C come tax time. (Depending on how much they earn, they may be required to ...
9
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1answer
408 views

Reporting Income Under $600 to IRS When No 1099 MISC Issued

I work on the side as a freelance writer and get paid by magazines. Usually the amount is $400 - $470 per calendar year. The magazine does not issue me a 1099 MISC since I made less than $600. Do I ...
2
votes
2answers
66 views

Germany: Employee and Entrepreneur at same time (for getting AppStore payments)

Currently (in Ukraine) I am working as Private Entrepreneur. As Private Entrepreneur I can have several bank accounts in USD, UAH, ... So it is not a problem to receive Apple's AppStore payments (in a ...
3
votes
1answer
119 views

W4 & withholding taxes for self-employed spouse

My wife and I live in the SF bay area. My gross income is $320,000 and my wife's is $38,000. My wife is employed as a contractor though and gets a 1099 instead of W2. No taxes are withheld from her ...
0
votes
1answer
45 views

Where can I get my unique taxpayer ref number from?

I'm already registered for self assessment, but I don't know what my UTR number is because I'm abroad for 6 months and don't have those documents with me. Since I should already have a self ...
3
votes
1answer
102 views

Am I legally allowed to offset the tax I pay on freelance work? (UK)

I am currently employed full-time in the UK as a graphic designer, I have a salary of £30K, I have also registered myself as a sole trader as I occasionally take on freelance work in my spare time (...
3
votes
1answer
48 views

Spent part of the year as an employee, last quarter self employed, how to handle self employment tax?

Like the title says, I spend the first part of the year as a standard employee, but left that job and spent the last quarter of the year self-employed. I am trying to figure out how estimated taxes ...
3
votes
1answer
105 views

How to report house used for 100% business?

Self employed as sole proprietor, was using 1/3 of home as home office. Have moved across state line to new house on July 1st, but keeping old house solely to see existing clientele for the ...
2
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0answers
41 views

Freelancer updating blog posts for my business website [closed]

I want to hire freelancer to write blog posts on my business website. In the eyes of the UK Tax rules would I class him a as a employee, if he writes blogs for me on regular basis? Or I can does ...
2
votes
1answer
108 views

Implications of freelancing as an independent contractor from India for a U.S. company?

I have an independent contractor agreement and am paid by a U.S. company in dollars after I invoice them. I have the following questions. I am in India, and am working from India for the client. Do ...
5
votes
1answer
99 views

How does revenue shared with someone else go into my tax return in Canada?

I'm contracting to publish a game for someone on Apple's App Store. I will take 15% of the revenue, he gets 85%. But Apple will report the full amount to the government. Let's say for example this ...
3
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2answers
168 views

If earning as freelancer, is it better to be a Sole Trader or Limited Company?

I am going to be staring freelancing. Is it better if i set up as a Sole Trader or Limited Company? I wont have many expenses.
3
votes
1answer
91 views

How to estimate federal and state taxes likely to be due on my side income?

I'm a software developer living and working in the U.S. I work a regular, full time job, but I do a little bit of work on the side (computer repair, web design, etc.) to help pay down my college loans ...
1
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1answer
173 views

How much in CPP contributions do you pay when you are an independent contractor?

I am trying to figure out how much CPP contributions an IT contractor needs to make as per this CRA guide. It says that for self-employed people, we need to contribute $4959? So, if an independent ...
3
votes
1answer
55 views

Can I write off (deduct) expenses in a period where my corporation makes no money?

Let us say I have a small corporation in Ontario, Canada and I am an IT contractor through the corporation. There is a one month gap between contracts, which means I don't earn anything in that time....
2
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2answers
53 views

How to choose a year end date for your Ontario small business corporation?

While opening a small business corporation in Ontario, how do you select a proper year end date? Is it a random date ? Or are there guidelines to it?
3
votes
1answer
110 views

Taxes for citizen of EU country #1 living in EU country #2 and working from home for non-EU country #3?

I'm an Italian citizen, looking to move to Czech Republic; I'm going to work from home for a Turkish company. Who do I pay taxes to, and what kind of taxes? Also, when do I start reporting what I ...
5
votes
1answer
109 views

Is it OK for a UK company to have costs that will exceed the reserves? Insolvent now or later?

I am sole director of a limited company. The costs this year will exceed the available funds if everything was settled up. The company still has good cash in bank because it owes money to the director ...
3
votes
1answer
908 views

Is “premium tax credit repayment” deductible as health insurance cost for self-employed?

Under the ACA, you estimate your income for the year when signing up for a health insurance plan via the exchange. If you are eligible for a subsidy, it is calculated based on this estimated income, ...
4
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1answer
258 views

Self employed applying for mortgage

I talked with a mortgage lender several months ago, but was dismissed because I did not have two years at my current self employed business. They said they needed taxes for the last two years. The ...
3
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1answer
113 views

Administrator vs Broker vs Custodian for a Solo 401(k)?

I'm planning to open a Solo 401(k) with Schwab. There are some provisions that are decided by the Plan Administrator, which I assumed would be me (my business, technically). However, doing research, I'...
1
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1answer
198 views

Working as a self employed freelancer for an overseas company

I will soon be working on a self employed basis for a company based in Poland,but I'm still going to be based in the UK (working remotely/online as a consultant) and my question is do I need to pay ...
8
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3answers
654 views

Can value from labor provided to oneself be taxed?

I am considering taking time off from work in order to build a new home in which we would live. It would be my full time job for which no income stream would be generated and would be self financed. ...
4
votes
2answers
185 views

Recently quit job to start a limited company, registering as self employed?

I recently quit my job to start a limited company. I don't expect to make any money or pay myself anything for probably at least 4-6 months, so do I need to register myself as self-employed and the ...
5
votes
1answer
348 views

What are FICA taxes for a sole proprietor in the United States

Background I am asking this question as a true sole proprietor that has no other income from a second job or previous employer. As I understand it FICA taxes is an easier way to refer to your Social ...
3
votes
1answer
98 views

Estimating independent contracting taxes when I am ALSO separately a full-time employee

I currently have a full-time job where I make $80k/year. To supplement this I am going to do some independent contracting (evenings/weekends). I have seen advice for estimating taxes directed to ...
2
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2answers
170 views

Starting a LLC in the US from India - Am I self-employed or salaried?

I am Indian and I am planning to form a LLC in Delaware for my web development business (it will not have any physical presence in the US). It will be single member LLC to start with. So in India ...
4
votes
1answer
129 views

UK Tax - can I claim expenses against a different tax year?

I have a day job but also a small freelance income from after-hours work. It's big enough that I have had to file a tax return for the last couple of years and pay tax on the profits left after my ...
3
votes
1answer
2k views

Candian citizen working for USA company staying in Canada

I am a Canadian citizen. What legalities do I need to follow if I take up a full time remote job offer from a company in USA? Also, how does the answer change if the job offer is in USA (remote) but i ...
4
votes
3answers
367 views

Can I open a Solo 401(k) if I am an independent contractor but also work part-time as an employee?

I am contributing to the 401(k) at my part time job, but want to know if I can also open a Solo 401(k) to delay taxes on income from my work as an independent contractor.
1
vote
1answer
87 views

What suggested supplemental income opportunities exist for a 70 year old Canadian retiree?

This is similar to the question "Extra revenue for retiree receiving a basic public pension", but focusing not on whether, but what. I am wondering what forms of supplemental income (jobs/gigs) would ...
2
votes
1answer
656 views

If I register as self employed working freelance in evenings and weekends do I need to inform my full time employer?

I am employed full time and wish to do some freelance work as well, and as I understand it I will need to register to be self employed and fill in a tax return. Yet, would I have to inform my current ...
2
votes
1answer
126 views

Can a Solo 401k be used to reduce your taxes by selling taxable investments and contributing the proceeds?

I have been reading up on Solo 401k plans, thinking I might start one for myself. From what I see, there is a quasi-loophole that could be useful for tax planning. If I understand how Solo 401ks ...
2
votes
1answer
184 views

UK citizen going to freelance overseas - what type of specialist should I talk to for tax/registration advice?

I'm planning to leave the UK for around 12 months and work freelance in a non-EU country. I know there are many things I need to get right in terms of registration and financial declarations, tax ...
3
votes
1answer
69 views

Is it possible to split taxation of funds earned from a crowdfunding campaign over multiple years?

I'm intending to run a crowdfunding campaign at the beginning of next year, for a project that will take a number of years to complete. I want to try to understand a little more about how any income ...
2
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2answers
264 views

Can I deduct retirement plan contributions from my self-employment income?

I'm self-employed. I pay self-employment tax on ( income - business deductions ) * 92.35%. Can I make contributions to a retirement account that counts as a business deduction? More details: I'm ...
2
votes
1answer
250 views

How much should I charge a U.S. company for IT work I'll do remotely from Canada?

I'm currently living in Canada. I have very nice job and I'm happy with it. My previous company in the U.S. contacted me and they want to hire me as a 1099 (independent contractor) working remotely. ...
3
votes
1answer
107 views

How do you Record Revenue from ads?

I have a website with an increasing traffic so I decided to make it as a business and add ads into the website. I'm currently in the process of registering my business and I don't get how would I ...
2
votes
2answers
399 views

Formation of S-Corp for Gambling Trade

Does anyone have personal experience with incorporating an S-Corporation for the gambling trade? In cases where the gambling activity is consistent and produces sufficient income (versus, say, an ...