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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2answers
42 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 ...
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1answer
102 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. ...
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0answers
48 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
68 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 ...
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1answer
150 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) ...
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1answer
110 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 ...
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1answer
28 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 ...
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1answer
45 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 ...
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1answer
40 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
65 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
151 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
144 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
64 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
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0answers
77 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
84 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
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1answer
129 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: ...
0
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1answer
58 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
118 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
163 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
113 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
99 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 ...
4
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3answers
589 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
144 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
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1answer
90 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
39 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 ...
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2answers
209 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
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1answer
179 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
30 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
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1answer
158 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
107 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 ...
1
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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. ...
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1answer
47 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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2answers
779 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 ...
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1answer
386 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
215 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 ...
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1answer
632 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 ...
3
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1answer
100 views

How to pay N.I contributions when both employed and self-employed?

I make less than £6k a year from my self-employed work, and N.I is taken off my employment PAYE. Should I be paying N.I contributions for my self-employed work as well?
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1answer
125 views

Liability insurance for hobby

Maybe I'm paranoid or something but it is hard not to be one when all you see in the news how some people sue others based on ridicules charges and then settle for millions. My situation: I work full ...
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2answers
474 views

How does LLC affects my taxes?

I read this article http://www.watsoncpagroup.com/kb/How-does-an-LLC-or-S-Corps-income-affect-my-taxes_73.html but still can get it. My scenario: I work for a company full time and earn (let's say) ...
0
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1answer
101 views

Creating a personal company [closed]

I'm developing several software which will be (I hope) really useful and will find it's customers, I'm doing it all by myself. For graphical works etc. I hire freelance designers online, but ...
2
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1answer
3k views

When do I pay taxes if I'm self employed?

This is my first time paying/filing for taxes. Starting April 2013, I started getting paid as a part time independent contractor. When I get paid, nothing is withheld. I have no idea when to pay ...
3
votes
1answer
75 views

Should I keep separate the capital used by my two businesses?

I have two kinds of business. I sell stationery and pants. Each business has it own capital. But I have trouble with the stationery business capital – some bad credits happened in the business. ...
4
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2answers
3k views

Why should I report extra income from a side-job to the IRS?

Say an individual earns extra money on the side by tutoring through craigslist. Moral obligations aside, why should that person report those earnings when doing taxes? What I'm asking is how the IRS ...
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1answer
273 views

Can I connect a PayPal account to a business bank account instead of a personal bank account?

If I write online content and get paid through my PayPal account, and if the PayPal account is connected to my business bank account, does my income automatically become my corporation's income? ...
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1answer
132 views

Can I start a home based business with an online company, if I owe back taxes?

I am currently looking at an online company that was advertised as a way to make extra money from home on the internet. It has a decent start up and the information provided on the website about the ...
2
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2answers
91 views

How can contractors recoup taxation-related expenses?

I am doing consultant as my job side job. I am wondering if I should put tax in my invoice on top of my charges. This is the current state of the negotiation regarding taxes: You will not be ...
2
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1answer
91 views

Consult as an individual or as a company?

I work full time (so benefits, etc are covered), and recently have been offered a consulting position for a previous employer. I have read and fall within the acceptable guidelines of the Moonlighting ...
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4answers
9k views

W2 vs 1099 Employee status

I've in the middle of an offer for employment. During negotiations, I've asked for more money due to distance involved (Further by far than I'd normally consider, but the pay raise I'd get is ...
1
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1answer
388 views

For a sole trader, what is the benefit of using a business bank account?

First of all: Are you allowed to have two personal current accounts with a debit card attached to each one? If yes, can a sole trader in the UK use the second personal account for business ...
6
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1answer
251 views

How do banks feel about loaning money to independent IT contractors for a home mortgage?

I'm in IT, I go on contracts that range from 3-6 months, but they have a termination clause of 2 weeks usually. I earn $900 NZ per day. How lenient would a bank be on lending say $400K to me, which I ...