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.
26
questions with no upvoted or accepted answers
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answer
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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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4
votes
1
answer
145
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When does a self-employed tax payer have to make quarterly tax payment? (Safe harbor rule)
My question is about when does a self-employed tax payer have to make quarterly tax payments.
I understand that there is a safe harbor rule that says if you owed less than $1000 in taxes then you do ...
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3
votes
0
answers
314
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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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3
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44
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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 ...
- 131
2
votes
0
answers
65
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The Social Security Special Earnings Limit Rule---How Long is the Cap on Hours Worked in One's Own Business Truly in Effect?
I am under the impression that retirees who are collecting Social Security benefits and start a business are capped in the number of hours they can work between 15 and 45 hours per month if they have ...
- 183
2
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0
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75
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Can my wife use my income/credit card to buy products for her self-employed business (UK)
I am in full time employment in the UK (and have no other sources of income).
My wife does not currently work (since having children). She will shortly be registering as self-employed/sole-trader and ...
- 121
2
votes
0
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44
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As a UK LTD Company should my allowable expense claims be inclusive of VAT
I'm starting a LTD company in the UK and have a question surrounding the way that allowable expenses are claimed.
I understand that this question has probably been asked numerous times but no matter ...
2
votes
0
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115
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How to deduct subway commuting and rent as a part-time remote contractor on a 1099-MISC?
I am working on a 1099-MISC as a consultant to a tech company. As an independent contractor, I decide the locations from where I provide my services.
Most of the time, I am on site at the business ...
- 133
2
votes
0
answers
170
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Stop filing federal annual return (Canada)
I incorporated my company several years ago and since then I've been filing both my provincial and federal annual returns (pay $20 and confirm info). According to many sources, having the federal ...
- 101
2
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0
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80
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Do I have to pay into Canada Pension Plan (CPP) as part time contractor?
I have a fulltime job with a company but in my spare time I do some contractor work for a few clients I gathered overtime. I understand that I have to pay income tax at the end of the year over my ...
- 21
2
votes
0
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951
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tax identification number in W8-BEN - Canada specific question
I live in Canada and have done a contract job with a U.S. company, and they ask me to fill a W8-BEN form to pay me.
I'm asked to note that on the W8-BEN Form either section 5 or section 6 must be ...
- 121
2
votes
0
answers
153
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LLCs loan interest to avoid self-employment taxes
After doing some research on LLC setups and taxation, I have struck upon something I can't find an answer to.
If I make a loan to an LLC, taxed as a passthrough (multi member) to which I am a member ...
- 51
1
vote
0
answers
70
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 ...
- 11
1
vote
0
answers
102
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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 ...
- 558
1
vote
0
answers
79
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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 ...
- 111
1
vote
0
answers
63
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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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1
vote
0
answers
118
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 ...
- 1,717
1
vote
0
answers
38
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W8 question - regarding contract work in the US
I'm Canadian and used to work in the US randomly on visa. Now I reside full time in Canada and am doing some contract work in the US. They have asked me to complete a W9 but I do not have a visa ...
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1
vote
0
answers
414
views
Which form to use, 1040 ES or 941, for one member S corp quarterly tax?
I am a contractor, and want to form an LLC and select being treated as S corp (by 2553 form).
I read online about federal quarterly payroll tax using form 1040 ES, but this article suggested to use ...
- 111
1
vote
1
answer
93
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 ...
0
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0
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59
views
What late payment fees would apply for a self-employed person in the UK on contract with a French company?
I am owed payment for a contract from a French company, which is now 6 months late. The UK and EU law both stipulates 30 days is the maximum amount of time that can pass before late payment fees are ...
- 1
0
votes
0
answers
58
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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?
0
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72
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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 ...
0
votes
0
answers
35
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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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-1
votes
1
answer
155
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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 ...
- 11
-1
votes
1
answer
47
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Do I need to file taxes in a specific state if a small portion of my income was paid by a company based there?
I am a resident of New York for tax purposes, but conducted a small amount of freelance work with a company based in California in 2018.
They issued payment via direct deposit and my bank ...
- 1