All Questions
Tagged with self-employment taxes
162
questions
1
vote
3
answers
239
views
Can I write off a car that will be used for reverse engineering and product testing?
I am an electrical engineering consultant (self employed) helping a client develop an accessory for Electric Vehicles. I need to have an EV to reverse engineer some of the protocols, and to test ...
- 111
1
vote
2
answers
68
views
Contributions (ira, hsa, etc) for minors?
I know a minor who has some decent self-employment income that has a heavy self-employment tax pending. No personal deductions are being made currently, as the minor doesn't even have a retirement or ...
- 331
0
votes
2
answers
327
views
Can I make a trip tax deductible if it is for personal development?
I'm a part-time software engineer, and I want to go to the Bay Area to meet people I've only met online, do networking, meet my employer and former employer in-person, etc. However, it's a trip I'm ...
- 11
6
votes
2
answers
8k
views
Filling out W-4 for a second job, the first job is self-employed gig work
I'm starting a second job that's asking me to fill out a W-4. I have been self-employed with a highly variable, small income, and I receive a 1099 from it -- I don't think they are withholding from my ...
- 61
2
votes
1
answer
889
views
I'm self employed and I 1099 someone on my Schedule C. This person also happens to watch my kids as daycare, can I double dip the expense?
I am self employed and I have a worker that I issue a 1099. This person helps me around and picks up my kids and watch them as childcare service. I know I can deduct the 1099 income as an expense on ...
- 21
4
votes
1
answer
318
views
US Social Security taxes while working for Canadian employer but living in third country
https://stackoverflow.blog/2021/02/19/podcast-314-how-do-digital-nomads-pay-their-taxes/ got me thinking, how would a United States citizen, living in Taiwan (which has no Social Security totalization ...
- 151
1
vote
1
answer
985
views
Received a Letter from SSN Administration and Very Confused
I received a Form SSA-L5114 and it says
"Based on information provided to us from Internal Revenue Service, we are reducing the amount of your self-employment income on your Social Security ...
- 759
1
vote
1
answer
67
views
US: carrying forward home office deduction
Business expenses in excess of business income can't be deducted the same year but can be "carried forward" and deducted in future years. However, based on a plain reading of rules regarding ...
6
votes
1
answer
378
views
Do freelancers who receive a W2 qualify for home office tax writeoffs in the US?
Last year I freelanced year round in the U.S. For work performed from Jan-Oct I received a 1099-NEC (Non-employee compensation tax form) from my clients. However, from Nov-Dec I worked for a new ...
- 213
1
vote
1
answer
88
views
Total income between job and self-employment will exceed Social Security cap
This is similar to another question (here)... but I'm not sure if the answer is the same.
I work in the oilfield and I mine cryptocurrency. Because of the current crypto bull cycle the income from ...
- 163
0
votes
1
answer
150
views
Do I have to pay tax if I spend all my income as a self-employed?
I'm participating in working on a project part time that will probably last for 3 months. I will get ~£7500 income for this. But at the same time I'm working full time in a permanent position. I ...
- 263
2
votes
1
answer
523
views
My 2021 withholding has already paid 100% of my 2020 tax liability. Can I skip paying estimated taxes on self-employment income for the rest of 2021?
My unique situation is as follows:
My 2020 AGI was around $20k. My 2020 total tax (Form 1040 line 24) was only $700.
My 2021 income will be much higher. I had a W-2 job from January through April of ...
- 23
2
votes
1
answer
56
views
Tax and managerial implications surrounding professional service retainers
I am a software engineer that has several clients that need me to do simple ad hoc tasks throughout the year for various projects. I have began considering setting up a retainer-based service for them ...
- 383
3
votes
1
answer
144
views
Tax deduction working from grandparents home
I am a self employed freelancer, and received several 1099-NEC from my clients. I live and work from my grandparents home (for free), and also care for them (for free), and was wondering if this would ...
- 133
2
votes
1
answer
70
views
Can the expense of one sole proprietorship be written off against the profit of another
I have a successful rental business, it's regularly profitable and it's an llc
If I start another business, and that business records a loss for the year, can I write off that loss against the profits ...
- 2,964