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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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 ...
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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 ...
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What are the tax implications if I share single credit card processor between my two sole proprietorships?
Can someone who has 2 sole proprietorships share a single credit card processing device to save on processing fees? What would be proper way to file taxes in such case?
Basically, my concern is that ...
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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 ...
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Freelance income from different currencies (UK)
I have a UK day work and also do some freelance stuff. I will start to work as a freelance for a Swiss university and for a Canadian organisation. I will invoice them in CHF and USD respectively as ...
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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 ...
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112
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Setting up a Limited company online
I am going to set up a Limited Company for myself, as a sole owner. An accountant quoted me a good amount of money to do it. I have seen a number of online companies who say they help you do it for a ...
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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 ...
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Can I deduct travel expenses even if I received a W-2?
I have a full-time job. I also work as a freelance musician playing for local theaters. One of the theaters I work for is in another city and they gave me a W-2 for the ~$1000 I made in 2020.
...
- 153
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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 ...
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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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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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119
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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 ...
- 101
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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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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 ...
