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
39 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
592 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
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2answers
85 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
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1answer
175 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 ...
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1answer
59 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 ...
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1answer
39 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
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1answer
43 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 ...
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1answer
160 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 ...
3
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2answers
80 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.
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1answer
67 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
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1answer
580 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
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1answer
56 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
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1answer
97 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
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1answer
60 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
81 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
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1answer
146 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. ...
2
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0answers
72 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 ...
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2answers
162 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 ...
6
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1answer
165 views

Do overall 401(k) contribution limits sum across employers?

Assume I have a day job that has a 401(k) with no matching and I am also self-employed. I'm considering structuring my side business as an S corp and setting up a solo 401(k) in addition to the 401(k) ...
0
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1answer
124 views

Employer is 1099ing me for RENT for live-on-site work

We were hired by a company for a contract position. We were to receive a small wage and housing in exchange for work. We got a 1099 at the end of the year that claims that we received about $7000 ...
0
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1answer
103 views

How do I charge GST & QST for my freelancing?

I'm based in Quebec and intend to offer freelance marketing consulting services. I intend to find clients from online freelancing websites such as Odesk. This means my clients could be from outside of ...
0
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1answer
77 views

Differences in taxes paid for W2 employee vs. 1099 contractor working on sites like ODesk.com?

Currently, I make about $96000 a year as a W2 employee in the USA. Suppose I were to make the same amount through working on sites like ODesk.com at home. In other words, I would be an independent ...
0
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1answer
49 views

Self-Employed Individual 401k Contribution Tax Questions

If as an unincorporated self-employed person, one contributed x dollars to my individual 401(k) personally y dollars to my individual 401(k) as my own employer How are these two numbers reflected ...
2
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1answer
91 views

Can self-employed individuals deduct their mileage spent commuting to events?

I'm a self-employed individual who works in the event setup/execution/teardown industry. I am preparing my taxes and I'm trying to figure out if I can deduct my mileage spent commuting from my house ...
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2answers
191 views

Should my mother be an Independent Contractor or my Employee (for tax purposes) as she provides babysitting services to my young children?

My 65-year old mother lives with us in Florida, and she takes care of our two young children while my husband and I are at work. My husband and I pay my mother about $6,000 a year in cash, and we use ...
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2answers
176 views

What will my taxes be as self employed?

I have a lot of questions about this but I'm only going to dive into these two for now: What tool can I use to calculate my taxes? As a freelancer, are there other options besides filing as ...
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2answers
76 views

UK Income tax relief for ISAs: How does the sheltering of earnings work?

I have been led to believe that earnings may be 'sheltered' by placing some amount of them into an ISA. I've not been able to find a great deal out about this, and I don't have a personal accountant. ...
2
votes
1answer
111 views

Self Employed, but not required to pay estimated taxes?

According to Chapter 2 of Publication 505 on the IRS website, I am not required to pay estimated self-employment taxes because I do not plan on having taxes totalling over $1,000 by the end of the ...
1
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1answer
133 views

Joint bank account and taxes in UK

I am working full time in UK and don't have any other jobs or money sources except this full time job. I have a bank account in HSBC UK. My wife is going to register as self employed (freelancer) here ...
2
votes
1answer
169 views

Claiming car as a business expense in the UK

I am filing my tax return as a self-employed in the UK and would like to claim my car as a business expense. I have read the "Rates for cars" section of this website: ...
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1answer
93 views

Opening Company in US as non US resident and living in native country. Tax questions!

I'm planing to open company (C Corporation) with my friend in US, specifically Delaware. But I am not US resident nor is he. Him and I live in Croatia, Europe. We will be owners of company and only ...
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2answers
144 views

Can I deduct expenses incurred to earn side-income, while full-time employed - in Canada?

I've just been hired full time at a firm I used to independently consult at. As a sole proprietor, I'm used to writing off my home office space, various software subscriptions, equipment, web ...
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2answers
171 views

Privacy Concerns For Self Employment Taxes

I'm a UK based freelance website developer, registered as self employed and trading under my own name. I have to be honest that things haven't been going all that well recently so I'm turning my ...
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2answers
137 views

What should I know about paying taxes for working from home as a new resident in the UK?

I am soon moving to the UK. (I have been a freelance web designer and developer.) What would I need to be sound in the UK and to be fit to work online as a freelancer? Will it include paying any ...
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2answers
129 views

Self-employed individual 401k self, match, and profit sharing contribution limits?

I set up a self-employed individual 401k and am confused about the limits on this. I'm a sole proprietor with no other employer-provided 401k than this one I set up on my own. It seems I can make ...
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3answers
1k views

How is taxation for youtube/twitch etc monetization handled in the UK?

I am pondering putting video up on youtube with monetization (i.e. putting up adverts), or stream on twitch. However, I would like to know what the tax consequences are. I assume the income is ...
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1answer
183 views

What taxes does a US citizen doing freelance work (self-employed) in the UK have to pay to the US government?

Currently I'm a US citizen living in the UK on a Maltese (EU) passport. While I have worked full-time for companies here in the UK, I've recently had an offer to do some freelance work for a company ...
3
votes
1answer
191 views

Do I need to register as self employed in Ontario, Canada?

I am moving from UK, where I am registered as self employed under my own name, to Ontario, Canada. In Canada I will be both employed in a full time job and self employed, making a small amount of ...
2
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1answer
47 views

California S Corp Net Income and Employee Compensation

I was looking into S-Corp structures. In California, S-Corps are taxed at a 1.5% rate on their net income. What I couldn't figure out is if this 1.5% rate applies to the income of the S-Corp after ...
4
votes
2answers
259 views

UK Contractor with Limited Company

I recently set up a limited company and have an accountant taking care of much of the financial side. I wanted an opinion other than my accountants. For the entire income I recieve from clients I am ...
3
votes
1answer
193 views

Self Employed 401k: contributions vs more available deductions

I'm in a unique situation this year where I worked self-employed 1099 for a few months and am full time W-2 for the rest. My full time job does not offer a 401k, but I can open a self-employed 401k ...
1
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1answer
34 views

US-NYC Tax question about self-employment work online for a Europe based company

I've been doing contract work online for a company based in Germany. So far I've made about 2,880 from Jan-June $500 a month then $480 after paypal. I don't get a 1099 from them. But I was wondering ...
3
votes
1answer
225 views

Self employment taxation as a non-resident citizen

If I don't live in the US long enough to be considered a resident (less than 150 days/year), do I still have to pay self employment tax on income that I generate while traveling (income generated ...
0
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2answers
129 views

Estimated Tax Requirements (1040es) Seem Low

TL;DR - Form 1040es lines 14a and 14b are very different, causing me to be wary of my end result for required quarterly estimated tax payments. I've been working through my 1040es for the first time ...
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1answer
59 views

So far, expect to only make (1099) income in Q1 of 2014… What's my estimated liability?

I've earned a significant amount of 1099 income (self-employed) in the first quarter of 2014 (through 3/31/2014), but as of now, I have no idea what (if anything) I will earn for the rest of the year. ...
0
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1answer
52 views

How do self employment equipment/software deductions work?

General tax-related question, here. Let's say I do freelance work and need to buy special software or equipment to do that work. When I claim that work as income and pay taxes on it, I know that I ...
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votes
2answers
893 views

Do I need to pay income taxes for the money I earn online from a foreign website?

I work for a website based in Europe and they pay me every month to my bank account (salary account). Every time I receive funds, I will get a call from the bank for confirmation and they ask for the ...
1
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1answer
702 views

Can a 1099 consultant receive unemployment benefits (EDD) after termination from a separate full time job?

My wife, on occasion, is called upon to consult at a former employer, which had been after hours with-respect-to her normal 9 to 5 job. She was laid-off from her 9-5 job, however, she still gets ...
3
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3answers
263 views

Getting financial advice: Accountant vs. Investment Adviser vs. Internet/self-taught?

Previously, I was a simple case: I earned a salary, and I paid taxes. Therefore, I've been filing my own tax returns using online software. Now: + wife, + kid, + mortgage, + want to contribute to ...
1
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1answer
782 views

UK self-employed freelancing in Japan. Who do I pay tax to on my earnings?

I am registered with HMRC in the UK as self-employed. In July I will be going to Japan on a working holiday visa. Whilst in Japan I intend to freelance remotely for companies in the UK and Japan. My ...