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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1answer
43 views

Got one check independent contract work that paid taxes for Medicare and SS. Should it still count as self-employment income?

I did independent contract-style work for two days last year that paid me $222.67. The check accounted deductions for Medicare and Social Security. I also made $195 from redemptions of gift cards and ...
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1answer
34 views

US 2020 Schedule SE line 7 vs. married filing jointly

Maybe a simple question, but I haven't found an answer: Schedule SE says that for 2020, earnings over 137,700 aren't subject to social security tax. We file jointly; my spouse has self-employment ...
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1answer
34 views

C2C Employment considered self employed for Fannie / Freddie?

I was recently offered a job after interviewing. They offered either w2 or corp 2 corp work. I chose corp to corp and created an LLC and signed a year long renewable contract as a single member LLC ...
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2answers
57 views

LLC vs S-CORP for Side Business along with regular job

Situation: A person has a good-paying job where the Social Security tax limit is reached or almost reached every year, and the person also has a side business (LLC) that brings in more than 100k every ...
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1answer
39 views

When should my friend file income tax?

My friend's income in the period apr 1, 2020 - mar 31, 2021 will be around rs. 875,000 (eight lakh seventy five thousand) only. He is a self employed business professional in information technology ...
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2answers
162 views

Adult Entertainment Taxes; Independent Contractor, SMLLC, LLC, S-corp, etc?

I've been dancing for a few years. I've been filing taxes as an independent contractor. I do not receive any 1099s. All my earnings are cash, received that day. I pay a house fee (rent for being ...
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1answer
32 views

UK-based freelance invoicing overseas

I work as a freelance (sole-trader) doing web-related services. I have a potential client who is based in the Dominican Republic, but I am not entirely sure what I should bear in mind regarding tax-...
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1answer
57 views

Do I pay UK VAT for digital services provided to a company in Denmark?

My situation I'm a UK based freelancer who provides website development services. I'm a limited company and VAT registered. I provide my services on an online platform based in Denmark. This platform ...
2
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1answer
37 views

Can an S-Corp pay the sole owner/employee with a 1099?

Suppose a person has a one-person S Corporation, and the corporation is paying the owner/sole employee with a 1099. The owner then pays Self-Employment tax on a Schedule C when filing. Is this ...
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2answers
117 views

Statistically who gets higher **average** income, an employed engineer or IT startup founder? [closed]

Founding a startup is a great idea, you may become as rich as Jeff Bezos, Elon Musk, Bill Gates or Mark Zuckerberg. Wait... or may not. It of course depends on your skills and perspiration they say. ...
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1answer
436 views

Taxes mileage deduction for delivery worker and methods of proof

I started working for Doordash as a food delivery worker (self-employed contractor I think is the status). I read (Do I need to pay taxes as a food delivery worker if I make less than $12,000 in a ...
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2answers
6k views

Do I need to pay taxes as a food delivery worker if I make less than $12,000 in a year?

I started working for Doordash, a food delivery service. Technically I think I am a self-employed contractor. I saw online that you don't have to declare taxes if you make less than $12,200 in a year. ...
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0answers
44 views

Game Server Taxes and Requirements [Canada]

Currently I am in a scenario where I want to start selling in-game perks using a web store to earn some money. However, I don't want to do it improperly and get into trouble with taxes and other rules ...
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1answer
41 views

Actual Expense method vs mileage method self-employed

If I were to fill up gas for Postmates does the actual expense method mean whatever I paid for gas, that exact money will be returned back to me when filing for taxes? If I do this method could I also ...
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0answers
65 views

Starting a side business whilst full time employed

I'm currently employed full-time in a regular job, and pay income tax at the higher rate. I'm looking at setting up a very small side business which may make around £500-£1000 at the moment. I'm ...
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1answer
123 views

Reduce Self Employment Tax

Thanks for looking into my post. I am an independent contractor and I don't have any LLC or company. Currently, I am paying 26% on the self employment tax even after contributing to SEP IRA. Is ...
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0answers
86 views

Tax implications surrounding self-employment/startup of US citizen in UK

For a US citizen residing in the UK, what are the major considerations and pitfalls to consider before starting a business (online)? Does it matter whether the business would cater almost exclusively ...
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0answers
24 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
45 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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1answer
91 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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1answer
130 views

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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3answers
243 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
75 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
39 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
201 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
48 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
109 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
2k 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 ...
2
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1answer
104 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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0answers
152 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
100 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
125 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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0answers
55 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?
3
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0answers
38 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 ...
0
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1answer
66 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. ...
0
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2answers
76 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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0answers
57 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 ...
3
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1answer
61 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
474 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,...
1
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1answer
62 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 ...
1
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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 ...
2
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1answer
204 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 ...
0
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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
84 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
192 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
478 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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0answers
68 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 ...
2
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2answers
75 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 ...
2
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1answer
83 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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