Questions tagged [self-employment]

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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18 views

How to approach a federal documentation while considering self-employment obligation/mismatches in info

Most people who work probably do so through normal employment where their incomes are readily apparent. If one works as a self-employed individual then the burden/obligation rests on them to report ...
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1answer
33 views

Government knowledge of tax filing from industry as a self-employed individual

Say I am self-employed and work through 'X' platform. The platform claims to only report and/or provide tax documentation if you meet a certain threshold. Given I do not reach this threshold and the ...
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How is it possible that this “new world” still doesn't enable me to come up with a way to make money? [closed]

I keep hearing about how "everything has changed", "everyone is working from home", "entire new industries are being created" and blablabla... Yet I sit here, just like before this virus, unable to ...
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1answer
52 views

LLC in NY State but living and conducting business in Florida only

I am a software development consultant working as a self employed with a single member LLC incorporated in NY State. During 2019 I had moved from NY State to Florida and am serving only one client ...
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I'm still working but my payments are deferred due to Covid19. Do I qualify for unemployment insurance benefits?

I'm self-employed in California and my biggest client (>90% of my billable hours) is not able to pay due to cash flow disruptions related to Covid19. I've agreed to continue working and billing as ...
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1answer
133 views

What are some tax strategies for when you are self-employed with low income, but every 4-8 years you get a huge spike of income?

I am self-employed in the United States, and am working on long-term projects. Most years I don't make much (lets say $20k), but every 4-8 years, after a large project is complete, I expect to get a ...
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1answer
64 views

What taxes and fees to expect for income from Germany to USA

I am setting up a contract for freelance work that will be done from the USA for a client in Germany. At what rate will income from Germany to the USA be taxed? Are there other fees to think about?
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1answer
37 views

As a Self Employed LLC filer living in NYC. How can I estimate my taxes? Is there a Tax filing form simulator I can input numbers into?

I have the following example values of: Self Employed LLC Income: 50K (Computer Repair Business) Married filing jointly 2 children No mortgage or property. We rent. Paying for daycare - $800/month. ...
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1answer
40 views

How does one calculate their Gross Income using Quickbooks Online that is to be reported for Tax Filing?

Using quickbooks online, I'm able to generate my Profit and Loss statement and I see my Net Income for the year 2019. Is this the final Gross Income number that I will be reporting on my tax return or ...
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1answer
46 views

business expenses for previous year

It's my understanding that, right now (Feb 21) at least, I can put money into an IRA and have it count towards my 2019 taxes (if I haven't filed yet) instead of my 2020 taxes. Can I do the same for ...
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2answers
103 views

Why am I not allowed to take the insurance premium deduction for a marketplace plan?

I just finished my 2019 taxes using TurboTax, and I'm pretty confused about one detail. I am self-employed, and during the portion of the process where I listed my business expenses and deductions, ...
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1answer
170 views

Do I need to register as a sole trader with HMRC to open an Etsy shop? (UK)

I'm very confused about this Hobby Business Tax thing. I want to open an Etsy shop to start selling my photo prints online. I wouldn't be doing the printing, Whitewall would, but I would be selling my ...
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0answers
63 views

Does the UK self-employment allowance of £1,000 add up to the Personal Allowance?

I read these pages on gov.uk: https://www.gov.uk/income-tax-rates https://www.gov.uk/working-for-yourself And I understand that there are two types of income allowances: The Personal Allowance, ...
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87 views

Bootstrapping Process for Creating a Single-member Limited Liability Corporation (LLC)

So I’ve read in a number of forums—mostly StackExchange and Reddit—that it’s a good idea to separate personal and business funds/transactions so that when it’s time to organize information for taxes (...
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1answer
85 views

Doing side work no LLC - what to do on W9 form?

I am doing some work for on the side for my former employer. They pay me via an application called square that I use. Its the end of the year so I asked them for a 1099 / W2 and they sent me a W9 ...
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1answer
136 views

Is it necessary to pay quarterly earnings taxes in US?

I worked as an Independent Contractor (for the first time ever) during September and October which means that I owe quarterly taxes that are "due" on January 15th. I also worked as a full-time ...
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1answer
100 views

Tax Calculation for 2019 Self Employed

Currently, I am self employed and I am going to file tax with my spouse. I have below questions on self employment tax. Do I need to pay 15.3 percent social and medicare self employment tax before or ...
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54 views

Taking back your capital from your S-corporation

If I put 100k of my own money into my business, and now my business made 150k, can I take out my 100k without it being taxable? If so, how would that be inputted onto the k-1?
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36 views

How Should a US Expat in Vietnam Optimize Compensation Package to Maximize Net Pay?

I may have the opportunity to work on a project in Vietnam starting in early 2020, and am hoping to get some advice on how I should negotiate my compensation package with regard to taxes. I am a US ...
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1answer
63 views

Independent contractor self-insured HSA/ACA compliant plan

Without delving into the political motivations behind my intent at why I would want to pursue such a plan, I'm looking for some information regarding setting up a self-funded health insurance plan. ...
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2answers
65 views

Total Income tax and self-employment tax

I worked as a full time employee (W4 taxes were deducted by the employer) and I was self-employed (independent contractor - 1099MISC i.e. no taxes were deducted by the employer) for some months of the ...
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53 views

How do I set up the books for LLC taxed as a C-Corp?

Most resources online for bookeeping for LLCs immediately repeat a myth about C-Corp taxation subjecting you to double-taxation, declare that nobody would set up their single-member LLC as anything ...
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1answer
60 views

Can I invest in both SEP IRA and IRA or solo 401(k) if i've worked in W2 for few months and as an independent contractor for the rest of the year?

I worked as a W-2 employee from Jan-Mar and became an independent contractor from Sep this year.My employer did not provide me 401(k) or any benefits. I received around 18K after tax from W2 and I'm ...
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1answer
410 views

Is it true trips for YouTubers are tax deductible, while investment research costs are not?

In USA, for a YouTuber who earns US$60,000 per year for making Pokemon Go videos on YouTube and takes about 8 trips to Japan, Europe, Taiwan, Chicago, sometimes not because there is a Pokemon Go event,...
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1answer
58 views

Self assessment: Entering in sideways loss relief from previous year

Any one au-fait with Self Assessment? I am not sure where/how to fill in the online self assessment form to do this: Claim previous year's losses in one business to claim relief on this years ...
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1answer
77 views

Tax consequence of 100% profit deferral to solo 401k contribution

My yearly maximum contribution to solo 401k is $6000 after $13000 contribution to Simple IRA on W2 position. This year I expect to earn less than $6000 from the side job. Can I contribute all profits ...
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1answer
103 views

If I use 1099 or S-Corp, can I deduct rent from my income?

If I live in another state in USA and either still pay rent or mortgage, but rent an apartment in Silicon Valley and work there to earn money as a business (1099 or S-Corp), then can't I deduct that ...
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1answer
44 views

Deduct business expenses on salary income tax as a married couple

So let's say that one spouse is working full time for simplicity let's say this spouse is making 100k/y and paying 30k/y in income tax. Then let's say the other spouse is running a sole proprietorship ...
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1answer
73 views

Self employed half the year unemployed the rest. Do I pay quarterly taxes?

I was unemployed from January-June and started becoming self-employed from June-December. Do I need to pay quarterly taxes? I will owe more than $1,000 in taxes for being self-employed half this ...
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3answers
135 views

Are full-time retail traders self-employed or business persons? [closed]

I was asked this question today by one of my known people if full time traders are counted as self-employed or business persons or professional? I got really confused because as much as I know, a ...
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4answers
475 views

Mother wants me to “be a consultant” for her as way to save on income tax

My mother is self-employed and I am currently unemployed. She proposed an idea to me that I got a bit iffy about. She wants to pay me for "consulting services" -- this way she can essentially reduce ...
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66 views

Can I have a sidegig contract in the US if im fully employed in the UK?

My current situation is the following: I'm based in the UK. I'm working as a full time employee for a company X that has a client Y. We've finished some work for client Y and they have a US company ...
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2answers
53 views

Liability for US taxes on foreign company held by non-US citizen spouse?

I am a U.S. citizen, but my wife is not. If I own a foreign company, I am subject to Section 965 Transition Tax, Form 5471 and Self Employment Tax regardless of where I live. If we are living outside ...
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1answer
82 views

From which bank account should I make employee contributions to my Self-Employed (Solo) 401k?

I have both business and personal checking accounts. For employee contributions to my self-employed 401k, does it matter for legal or tax purposes which account I draw a contribution from?
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1answer
384 views

Taxes when remote working for a Swiss company whilst living in the UK?

In the scenario where I'm living in the UK and working remotely for a Swiss company. Who should I pay income tax to? I would be declared self employed in the UK.
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1answer
162 views

Is it possible to get a mortgage without income verification in Canada?

For someone who has some sizeable savings but who reported very low income for the past year, is it possible to get approved for a mortgage with, say, 35% down? In a situation when one has to pay $...
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1answer
77 views

Declaring income when self-employed

As described here, I earn extra money (around $7000 per year) from a second job, in which I am running a business as a sole trader. Due to the nature of the work, I am mostly paid in cash, and deposit ...
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0answers
53 views

Does S-Corp owned 100% by single-member LLC re-create SE tax?

LLCs with an S-Corp's election eliminate SE Tax. If that S-Corp is owned by a single-member LLC which should be seen as a disregarded entity, would that flow through money have SE tax again? The ...
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0answers
114 views

Can I collect unemployment in this situation?

I was employed (W-2) on a contract for almost 2 years and the the contract ended. Then I took a job 2 weeks after the contract ended which did not work out for me after being there for a very short ...
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1answer
90 views

Do I need an ABN for self-employment?

I work as a private tutor in addition to my full-time job in the public sector. I know that I will need to include any additional income on my tax return since I will need to pay an extra tax. Do I ...
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1answer
158 views

How to handle income from paid internship over the summer?

I'm a full-time college student with two sources of income in 2018: a part-time job through my college for which I have a W2 (gross wage of $5,408.65) and a paid internship over the summer for which I ...
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3answers
158 views

Why is my federal tax calculation coming up 1% short?

I'm trying to calculate the federal taxes I would pay on self employment (sole proprietor -- pass through) income. I found this online tax calculator -- https://www.taxact.com/tools/self-employed-...
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2answers
813 views

In the U.S., can I deduct coffee as an expense if I am a self-employed software developer?

I work in coffee shops every day as I develop. Coffee shops have an unwritten (sometimes written) rule that you cannot use their wifi, power, and bathrooms without buying something. Because of that I ...
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1answer
132 views

Can a full time employee who also owns a side LLC claim “self-employed” deductions?

I am working full time for a corporation in NYC (I have w2). I also own my own side Educational LLC (EdTech) which has claimed $0.00 in income for 2018, but has accrued several thousand in startup ...
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1answer
222 views

How to address error made on tax return two years ago by paid preparer (and the mess it has caused since)?

Just before April 15th of last year, a married couple I am acquainted with asked me to help them with their 2017 tax return. I agreed to do so for free (note: I am not registered as a paid tax ...
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0answers
31 views

UK Limited company - confusion around National insurance thresholds and Employee Personnal allowance

I could not find answers to my question online, so I thought someone here might know what can be done regarding the below: I have a standard limited company with a 1185L tax code. Looking at: https:/...
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1answer
77 views

Paying my wife's LLC from my LLC and solo 401k contributions

My wife works as a consultant to a business I operate (a single-member LLC). Can I pay her business (also a single-member LLC) as a vendor? I would treat her payment as a contractor expense, and she ...
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1answer
48 views

Correct Self-Employment Forms for 1040

Am I filing the correct forms with my 1040 to include my self-employment tax? Sole-proprietor with less than $5000 business expenses and profit less than $9000. 1040 Schedule 1 Schedule 4 Schedule ...
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2answers
202 views

W2 & Self-Employment Tax - Taxed Twice?

If I'm paying self-employment tax on Schedule 4 (Other Taxes), why is my self-employment income also included in my taxable income? Aren't I being double taxed?
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2answers
7k views

15% tax on $7.5k earnings. Is that right?

This year is my first year in the USA. My sole earnings were an honorarium from a university for $7,500 -- reported on a 1099-MISC form in box 7. For this, I was on-site for a few days and talked ...

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