Tagged Questions

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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0
votes
1answer
51 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
46 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
votes
1answer
32 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
124 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
129 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
vote
1answer
20 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
61 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
votes
2answers
73 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
vote
1answer
49 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
votes
1answer
34 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 ...
5
votes
2answers
729 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
vote
1answer
136 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
votes
3answers
181 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
vote
1answer
387 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
votes
1answer
83 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?
1
vote
1answer
110 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 ...
1
vote
2answers
253 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
votes
1answer
90 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
votes
1answer
2k 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
70 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. ...
3
votes
2answers
2k 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 ...
-1
votes
1answer
211 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? ...
1
vote
1answer
131 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
votes
2answers
79 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
votes
1answer
77 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 ...
13
votes
4answers
6k 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
vote
1answer
347 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
votes
1answer
210 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 ...
9
votes
1answer
198 views

How do taxes work with donations made to an individual, e.g. for free software I wrote?

If I offer a piece of software for free, but give users the option to make a donation on the webpage, what laws govern those donations? Do I report it as income? Is it subject to just the same amount ...
2
votes
1answer
151 views

I'm self-employed, should I contribute to a SEP-IRA or a Solo 401k?

I own my company and am the only employee. I have set up a SEP-IRA, but have yet to contribute to it. Can anyone expand on benefits of my SEP-IRA vs. opening a Solo 401k and contributing to it ...
3
votes
1answer
407 views

How do I avoid paying higher taxes on freelance work in the UK?

I have a day job that puts me in the 40% income tax bracket. I am doing some freelance work on the side which should bring in an additional £20,000 a year and am looking for a way to avoid paying 40% ...
4
votes
1answer
1k views

What do I use for the article number and % rate on the W-8BEN form, for publishing & selling my ebooks?

I am an Indian citizen living in Singapore. I am publishing ebooks on Amazon, Apple, etc., and I have just gotten the EIN. I need help in Part II of the W-8BEN form, where it asks for the Article ...
7
votes
3answers
360 views

Save a dollar for house downpayment or put it in an individual 401(k)?

I am a self-employed independent contractor. I'm trying to decide what to do with any extra income I earn over the near future, given that I have the eventual goal of purchasing a house (within 2-3 ...
3
votes
1answer
94 views

Full Time Job and Self Employment and a 1040ES

Currently I am full time employed with a company, and am in the 25% tax bracket and claim no exemptions. I also have a website that I get ad revenue from. Last year I had a few hundred dollars I owed ...
3
votes
1answer
2k views

W2 and 1099 (self employed) income in same year: social security taxable income limit?

For 2013, the maximum taxable social security income for employees on wages is $113,700, and for self employed individuals it is also $113,700 (though obviously at a higher rate). Suppose a person is ...
2
votes
3answers
283 views

Paying Self Employment Tax 1040ES Monthly

I have recently become self-employed (independent contractor) and I would like to take care of my Estimated Taxes as I am paid, which is only a monthly basis. I understand that the IRS requires ...
3
votes
1answer
82 views

Individual 401k and employed at another company

I am a US resident currently employed at a company that I don't own, a peon. I want to do some work on the side so I was going to setup an LLC. With that LLC I was going to rollover 401k funds from ...
1
vote
1answer
661 views

As a freelancer, how to receive money from overseas company to my individual bank account in India?

I am working as a freelance software developer. Recently I got a project from an overseas company. I asked them to send money through ICICI Bank Money2India. The first payment made it successfully ...
4
votes
1answer
2k views

How to pay myself as a single person corporation in Ontario? Should I get an accountant?

I'm an IT contractor and required in some of my contracts to have a corporation. I created my corporation, opened a corporate account and have been collecting income for about 6 months now... ... I ...
5
votes
1answer
168 views

What is involved in becoming vat registered in the UK? any advice?

I'm a self employed web developer working in London, UK. Currently I'm not VAT registered but am approaching the current VAT threshold. I'm wondering if anyone knows what is involved in becoming VAT ...
4
votes
5answers
252 views

How to calculate my real earnings from hourly temp-to-hire moving to salaried employee?

I live in California, U.S.A. I have been working in a company as a temp-to-hire position for a few months. However, the company needs me to set up my own company, so that I provide service for them. ...
1
vote
1answer
161 views

offshoring work and tax dilemma

My friend in USA who is a US citizen wants to hire her cousin from her native country and will be paying the relative as independent contractor. Dilemma: She does not have a registered business ...
1
vote
2answers
424 views

How can I get a mortgage as a small business owner?

My partner and I are considering buying a home. We're both half-owners in our own small software company. Our business has been around for three years, has always been profitable and profits have more ...
8
votes
1answer
471 views

Does a US citizen freelancing for a US company while resident in the UK have to declare this for UK tax?

I am a US citizen living and working in the UK on a spousal visa. (My husband is British.) I've got the opportunity to do some freelance work for a US company on top of my full-time job, getting paid ...
6
votes
1answer
407 views

Working as freelancer with two partners. How do I report the income for tax purposes in India?

I am a software engineer working in a IT company. Apart from this, I am also working as a freelancer with a U.S. client. Money comes in USD to my Indian bank account. I have two partners with an ...
10
votes
1answer
2k views

Can I get a mortgage if I'm employed by my own company, rather than self employed?

My partner and I are looking to buy a house as soon as possible (i.e., the second we have the deposit in the next 3-4 months). My partner is currently in full time work but we want to focus on our own ...
3
votes
1answer
325 views

Switching From Employee to Independent Contractor

I've read a few different questions on here regarding the breakdown of employee vs independent contractor, but my situation has details that are quite different, hence, the question. When I was ...
4
votes
1answer
134 views

Working out if I should be registered as self-employed in the UK

I have spent the past few evenings trying to work out what is the correct thing to do with regards to taxation in the UK for my set of circumstances. 9-5 I work for a company and am on PAYE. 5-9 I ...
3
votes
1answer
2k views

Reporting income - independent contractor, received no 1099

I have some stuff from last year that I want to report, I just don't have the information the IRS forms ask for. I know how much I made and I know what percentage to pay taxes on, but for voluntary ...
5
votes
1answer
726 views

What evidence do I need to declare tutoring income on my income tax?

What evidence do I need to declare tutoring income on the Canadian federal income tax form? I am doing tutoring with students and want to declare it. Can I make copies of the checks I receive?