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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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? ...
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2answers
26 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 ...
3
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1answer
49 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 ...
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1answer
22 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 ...
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0answers
22 views

Independent Contractor income from Japan

I am paid a monthly sum from a Japanese company for independent contract work. The sum is in Japanese yen and the amount I receive in US dollars varies based on the exchange rate. This is transferred ...
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4answers
131 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
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1answer
24 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 ...
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0answers
26 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 ...
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2answers
116 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 ...
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1answer
398 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 ...
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2answers
53 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 ...
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1answer
91 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 ...
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1answer
38 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
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1answer
92 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
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1answer
40 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
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0answers
64 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 ...
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0answers
40 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
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1answer
85 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
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1answer
98 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
162 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
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1answer
89 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 ...
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1answer
120 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
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1answer
53 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 ...
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2answers
52 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?
2
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1answer
96 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 ...
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1answer
107 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
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1answer
822 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
223 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
96 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, ...
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0answers
131 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 ...
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3answers
612 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. ...
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2answers
172 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
320 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
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1answer
88 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
144 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
120 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
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1answer
1k 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
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3answers
326 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
86 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
646 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
120 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
173 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
67 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
222 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
232 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
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1answer
106 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
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2answers
349 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
191 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
149 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
216 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 ...