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.
403
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What Schedule C Health care Expenses can I deduct?
I am helping my daughter do her taxes, and have a question about what deductions are appropriate.
She is on her own, not a dependent anymore but still on my insurance as she's under 26. Her income is ...
0
votes
1
answer
240
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Setting up S-Corp for Independent Software Developer
I have been working on a w2 most of my career and recently got the opportunity to work as an independent software developer for a firm on a 1099. I was thinking of setting up an S-corp as I think ...
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1
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73
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What is the distinction between "earning untaxed income" and "acting as a sole trader" (UK HMRC)
I live in the UK and have a full-time job paid in the usual way under PAYE. In addition, I have received small amounts of income from various organisations (honoraria in return for activities ...
- 494
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318
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Trying to understand 1-person LLC taxes (paid myself as W-2)
I'm trying to prepare my 2022 taxes (using TurboTax Deluxe, if you care).
In the beginning of 2022, I created a 1-person LLC.
I set myself up as a W-2 employee of my LLC and paid myself on payroll. I ...
- 430
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5
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When to claim check dated in one year but received the next
A check bears a December 2023 issue date. I receive it in the mail in January 2024 and deposit it in January 2024. I operate this business on a cash accounting basis (not accrual), so what do I do ...
- 2,099
6
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3
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US: how to prove business expenses?
I'm a freelance writer who works from home. My internet fees should count as business expense and be deducted from gross, but the question becomes how much? Since I also use internet for entertainment ...
- 331
4
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1
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724
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Is a purchase still a Schedule C expense if its paid using a gift card?
I've made an Amazon purchase for my business (self-employed) solely using an Amazon gift card which I received for non-business reasons. Does this still qualify as a business expense on my tax return?
- 165
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2
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200
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Will I ever have to prove that I wasn't performing work in a certain state?
I will be completing a project in another state, and I will be paid as an independent contractor (and issued a 1099). I will be working in my own state and submitting my work when done with the ...
- 2,099
2
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1
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888
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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
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1
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152
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Are there any reporting requirements for large tips when self-employed?
I am technically self-employed and report my income as such on my tax return, along with paying quarterly estimated taxes as required.
My income is entirely composed of voluntary tips, and almost ...
- 165
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141
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Can an individual foreign LLC be a CFC?
IRS defines a Controlled Foreign Corporation in terms of U.S. shareholders and voting power (Ctrl + F to CFC. In general), with some wiggle room.
Suppose I'm an independent contractor working from ...
- 27
1
vote
1
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57
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Is a foreign LLC exempt from self-employment tax?
A site writes,
If you conduct your business through a foreign LLC, your salary paid by the foreign LLC would not be subject to US Social Security and Medicare Tax. And, it would be eligible for the ...
- 27
4
votes
1
answer
318
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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
3
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1
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113
views
What are the implications of receiving services in lieu of payment when self-employed?
I'm newly self employed so forgive me if this is a silly question.
My client has offered to pay for half of a training course I want to go on as the sole payment for my services. The value of that is ...
- 41
1
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1
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207
views
Do you get any social security credits if you put 100% of your income in a 401(k)?
Scenario:
Your spouse is the primary earner
You had a 1099 side-job earning $15k
You put all $15k in a solo-401(k) plan
Would you earn any social security credits in this situation?
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