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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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3 votes
4 answers
859 views

Looking to buy a property that's 12-14x my income. How can it be done?

I currently have insignificant income due to the fluctuations of my line of work -- entrepreneurship. I do not have any steady income and can't guarantee minimums always -- but I have done some ...
Charge of Coats's user avatar
-1 votes
1 answer
97 views

Can a entrepreneur hire a self-employed business owner?

Let's say that a guy founded a new business he owns, and became CEO of his small company. Can a rich Entrepreneur offer that guy a job?
SuperYoshikong's user avatar
4 votes
2 answers
197 views

Sole trader or Limited Company?

I'm looking at getting back into freelance graphic design (after a 2 year break staying at home with the children). I would probably only work 10hrs a week and not earn more than £10K per annum. This ...
rok77's user avatar
  • 41
5 votes
1 answer
675 views

Do I set up as self employed for a one off job?

I am currently employed as a graphic designer but have been approached by a friend to create a website for them. Fee will be around £1000 but it's only going to happen once, guarantee it. Therefore, ...
CleverDesigner's user avatar
2 votes
1 answer
352 views

Explanation of the instructions for Line 4 of Schedule SE

I'm trying to fill out Schedule SE for 2016. I'm confused by line 4, which includes the phrase don't file this schedule unless you have an amount on line 1b. where Line 1b is: If you received ...
Kurt Peek's user avatar
  • 499
4 votes
1 answer
163 views

Can the entire cost of a "freemium" service be deducted if the paid service was only needed for business?

Many computer services are available on a freemium model where some service is available for free, and then you can pay more for upgraded service Suppose that I am self-employed in the USA. ...
BrenBarn's user avatar
  • 24k
6 votes
1 answer
514 views

Which is more advantageous: Lifetime ISA or SIPP?

I should preface that I am a self employed sole trader in my early twenties, and a basic rate taxpayer averaging somewhere between £28-32,000 per annum. The variation not only arises due to the nature ...
Talisman's user avatar
  • 185
0 votes
2 answers
360 views

What types of careers consistently make the most money entering with no background or social skills? [closed]

I am currently searching for an entry-level job with minimal social skills/client interaction required, and out of those jobs, trying to research what kind of position would pay the best as far as ...
user152294's user avatar
2 votes
0 answers
175 views

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 ...
LinuxMan1820's user avatar
-1 votes
1 answer
145 views

Credit card fee and taxes

On a credit card annual fee: how does it work with taxes? I use that for three purposes: Personal purchases. W2 Expenses. Self employment expenses. How do I handle that annual fee? #2 would probably ...
iq78's user avatar
  • 307
3 votes
1 answer
292 views

Providing services for "free"?

If I owned and operated a wedding officiating service or any service (photography, etc.), but the way I structure my business is that I do not charge money for officiating weddings, I only require ...
Michael's user avatar
  • 10.2k
2 votes
2 answers
349 views

SEP IRA payments for single-member LLC

I've got a single-member LLC so it is all pass through income for taxation. I've created a SEP IRA. When I make contributions to the SEP IRA, should it come from the bank account of my LLC or my ...
minou's user avatar
  • 7,536
2 votes
1 answer
81 views

Employer options when setting up 401k for employees

It is a bit tough finding this info online, I am going to ask my CPA but I wanted to get some background info from the web first. I currently have a SEP set up for myself but am looking into setting ...
StuckOverflow's user avatar
0 votes
1 answer
146 views

Roth Backdoor and Self Employment Taxes

I am currently a graduate student in software while doing a self employed contracting gig. As such, I've been using primarily my SEP IRA and Traditional IRA accounts to avoid the heavy self employment ...
Christopher Henderson's user avatar
2 votes
1 answer
820 views

Calculating separate estimated taxes for self-employed spouse

I earn wages and my employer withholds taxes from my paycheck in the usual way. My wife is newly self-employed, and we are calculating her estimated taxes for her self-employment income for this year. ...
David's user avatar
  • 123
2 votes
1 answer
133 views

US Self-Employment Tax: Do expenses stack with the 50% SE deduction?

With the primary form 1040, for salaries/wages, things are explained fairly straight forward: you deduct a Personal Exemption, and you deduct EITHER a Standard Deduction OR an Itemized Deduction of ...
Foefirelord's user avatar
4 votes
1 answer
208 views

Schedule C: where to deduct service fees on income?

I earn most of my income through a freelancing website which charges a "service fee" (their terminology) on all income I earn through the site. The website acts as the intermediary during payment and ...
user45623's user avatar
  • 529
6 votes
1 answer
4k views

How to determine whether 1099-MISC income is from self-employment?

I have income that was reported on Form 1099-MISC, Box 7 (nonemployee compensation). I understand that if it is self-employment income, it should be reported on Schedules C and SE, and I would owe ...
Nate Eldredge's user avatar
1 vote
1 answer
154 views

How to report Canadian income from a small contract job?

Aside from being a student in 2016, I was also was hired as a contractor to write a technical report. I recognize that this would be considered 'self-employment', but how do I report this income (I am ...
Splash1199's user avatar
2 votes
1 answer
159 views

Getting a mortgage while self-employed

My friend has been working "under the table" for 7 years now and has been making a steady $35k-$40k a year. He has recently divorced his partner (and is receiving approx $30k/year in alimony) and now ...
Gab's user avatar
  • 123
11 votes
8 answers
6k views

How much should a hobby business make to be worth the effort for taxes?

My wife was a software developer for 15 years until we had our daughter, and since then she has been primarily concerned with caring for her. She has been volunteering her time for personal ...
NL - Apologize to Monica's user avatar
1 vote
1 answer
89 views

Taxes on selling ownership of my software/web service to someone else?

I am not incorporated, just a sole proprietor. I am based in the US. I developed a software package and published it on the web. Recently, I received an offer to sell the web service and transfer all ...
pebox11's user avatar
  • 153
1 vote
1 answer
113 views

How should I file my taxes as a contractor?

For background, I'm an Ontario, Canada resident, and I've worked here during all of FY2016. For the first time, in addition to mostly doing full-time work as an employee of a company, I did just over ...
Jules's user avatar
  • 191
3 votes
1 answer
933 views

Do non-resident freelancers need to disclose their SSN?

I am neither a resident nor a citizen of the United States, but about twenty years ago, I did live and work there temporarily. I got a Social Security Number and paid income tax on my earnings from ...
Psychonaut's user avatar
5 votes
1 answer
619 views

US Tax Form 1040EZ: Do I enter ALL income or ONLY income specified in W-2 forms?

When filling out form 1040EZ, the very first line alludes to form W-2 as the source of the total amount of my income for the year. However, aside from my W-2 form, I had some income from freelance ...
Foefirelord's user avatar
11 votes
4 answers
2k views

High self-employment rate projected by TurboTax

My wife has performed a few jobs as a dog walker/pet sitter through the Rover website. Her total for 2016 was $1,139.00 - $793.90 were transferred via PayPal and $345.10 were transferred via check. ...
MisterStrickland's user avatar
38 votes
3 answers
11k views

In USA, can I set up a one-person corporation and pay myself mainly through dividends?

In the UK an IT-contractor can save in taxes by opening a company, paying themselves a minimum wage as a salary and then taking a larger amount of income as dividends. Is this possible (for a single-...
x457812's user avatar
  • 991
1 vote
1 answer
122 views

Why does it cost $20 for each fund I want to offer in my self-employed 401k at Vanguard, but $0 for individuals?

Why is it that as an individual, I can invest in whatever fund Vanguard has, but with a small business account, there is a $20 fee for each fund? Is it harder to serve a small businesses, especially ...
Andrew's user avatar
  • 23
2 votes
1 answer
115 views

Moving from employee to self-employed: How to determine what to charge a client in a corp-to-corp contract?

I have no experience in working as a C2C contractor with a client. Yet that is the only way this company will hire me. In fact I have not had a contractor W2 job in ten years; I've been someone's ...
Harry A's user avatar
  • 23
6 votes
1 answer
827 views

Can a Croatian citizen start a company in Ireland, to reduce income taxes?

I'm a software developer freelancer with Croatian citizenship, and I need to start a company in order to pay income tax. It's my understanding that my home country will incur 20-40% tax based on my ...
The Onin's user avatar
  • 171
2 votes
1 answer
1k views

Business service doesn't exist on tax form. What do you do?

I am a freelancer. I am expected to put a code into the instructions on my 1040 Profit or Loss taxes, but none of the workcodes they list pertain to my specific area of work. If my service is none of ...
user avatar
2 votes
1 answer
821 views

Under specific conditions can I write off Spotify or other streaming audio services?

I work for myself as a 1099 software engineering contractor and I have a Spotify streaming service account. I listen to it all day while I work. I understand that many companies and offices listen ...
RLH's user avatar
  • 835
3 votes
1 answer
222 views

How do I consider different tax rates for my different business activities?

(I have a CPA and I'm going to meet with him shortly to discuss this, but until then I'm asking here. Also, for simplicity I'm ignoring tax brackets and assuming a flat 25% personal income tax rate) ...
Dai's user avatar
  • 1,837
1 vote
1 answer
337 views

Charitable donations cost vs value and personal vs schedule c

I have a couple of questions regarding the charitable donation of a high priced item. Does the basis have to include what was paid for the item? For example, say you purchased an item two years ago ...
iq78's user avatar
  • 307
2 votes
2 answers
904 views

Do I have to pay tax on money I earn as a tutor?

I am a high school math tutor in Canada and make about ten grand a year from it. I am wondering how to pay tax on this as i do not have an employer. I am payed in cash so there is no digital record of ...
henry's user avatar
  • 21
1 vote
2 answers
417 views

Online game hobby turned money-maker... how to go about forming business & paying taxes?

I am a college student who does web development mainly as a hobby. I was recruited to be a developer for a struggling small virtual pet website (think Neopets) last year in May. Before I joined, the ...
Nicholas's user avatar
4 votes
1 answer
325 views

Self-employment alongside full-time job

I'm an EU national, currently resident in the UK and employed full time, paying tax through PAYE and NI. I already know that I could make additional £50 per month on average doing small jobs (IT help, ...
Tantal's user avatar
  • 51
3 votes
1 answer
122 views

UK self-assessment: employed and self-employed with small self-employed income: what to do about class 2 NICs?

My google-fu is failing to find me a straight answer to this one, perhaps because the merging of some NIC payments with self-assessment is relatively recent and there's a lot of old info out there: ...
timday's user avatar
  • 4,002
1 vote
1 answer
158 views

Becoming self-employed alongside a full time job, working abroad in the UK

I am a foreigner working full-time in the UK and studying part time at Uni. I want to study full time. In my old country, I used to draw and fix computers to earn some extra money. What should I do ...
Tantal's user avatar
  • 51
2 votes
1 answer
162 views

Income tax for a tradesman / builder

Suppose I employ a builder to do a job for me. For this, he charges £100 for labour, and £200 for materials at cost. Suppose his income tax is charged at 20%. So, he will give £20 in income tax from ...
Karnivaurus's user avatar
4 votes
1 answer
287 views

Do high premium health plans make sense for those self-employed AND subject to the AMT?

As you may have guessed, I am self-employed and subject to the AMT. When evaluating health insurance plans for my family, I chose a high premium/low deductible plan so that I could take advantage of ...
RADA's user avatar
  • 905
3 votes
2 answers
826 views

When one pays Quarterly Estimated Self Employment Taxes, exactly what are they paying?

Ok, I have read more articles than I can count, and I'm still unclear on my expectations regarding taxes for this year. I am newly self-employed (as of July 15th) and soon I will need to make my ...
RLH's user avatar
  • 835
4 votes
2 answers
495 views

Can I deduct previous year's business expenses related to a book I'm writing?

I am getting ready to publish a non-fiction book this fall. To do research for the book I had to buy various informational books which I plan to expense against royalties that my book generates. Can ...
Five Bagger's user avatar
  • 9,785
44 votes
2 answers
5k views

What US tax laws apply to a 13 year old game developer?

I'm a thirteen year old game developer and I am wondering what the tax laws are as a minor in the US. I don't currently make any money off of my games but I'm thinking of selling on the Google play ...
Kaden Atmore's user avatar
1 vote
1 answer
2k views

Can a business owner be the signatory on a check made out to themselves?

I am curious as to whether a business owner can sign a check made out to them personally.
Mary Belardo's user avatar
7 votes
1 answer
6k views

Do I have to send in form 1040ES for estimated tax if paying online?

I'm a self employed freelancer who is paying quarterly taxes. The IRS shows that I can direct pay online, on their website. Do I have to send in form 1040ES, or do I just pay the amount I calculate? I'...
luke's user avatar
  • 71
1 vote
1 answer
80 views

First year partnership - no trade tax return

A friend and I registered a partnership last year (June 2015) with the intention of running alongside current employment. However due to circumstances and time we have not actually done any business (...
David's user avatar
  • 13
2 votes
1 answer
159 views

Can I claim W-4 exempt status if I paid self-employment tax only last year

My son is a full-time student. We still claim him as a dependent. In 2015 he earned ~$2000 as a self-employed contractor, so no tax was withheld but he owed some self-employment tax. In 2016 he will ...
PurpleVermont's user avatar
3 votes
4 answers
3k views

How to calculate my estimated taxes. 1099 MISC + Self Employment

I receive a 1099-Misc each year and that's all†. I have to pay estimated taxes, but I don't know how to calculate them for myself. This is the current estimated tax calendar From To ...
user avatar
3 votes
2 answers
1k views

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? ...
frostbite's user avatar

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