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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Calculating work from home expenses
I'm self-employed freelancer, and primarily work from home. I work more than 101 hours per month from home. I'm trying to calculate the proportion of my home expenses (energy bills, council tax, ...
- 151
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43
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Self-employed on the side and student loan
I'm in the process of filling my self-assessment form, and have come across a section that's confusing me a little bit.
My situation is that I'm in full-time employment, and doing some freelance on ...
- 151
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3
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239
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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
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3
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259
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Double self-employment tax (MA state and federal)?
I am living in Hong Kong but paying taxes as a US citizen to the US. The company I work for is in MA. Although I receive a 1099-NEC, in actual practice I am a part-time employee. I understand that I ...
- 141
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2
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68
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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
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2
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418
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How to fill out a W-4 for a job when you're also self-employed, if your self-employed income puts you in a different tax bracket?
I've been self-employed for a while, and am now starting a second job with an employer. I'm a bit confused as to how I should complete the W-4 - I just want to make sure I'm paying the correct amount ...
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4
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1
answer
118
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How do NI Qualifying Years work if you're self-employed *at a low rate* AND employed
In order to receive a full UK State Pension you must accrue enough "Qualifying Years".
I (think that!) I understand how qualifying years work if you're just employed.
And I (think that!) I ...
- 2,395
3
votes
1
answer
165
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Can I re-file a missing Schedule 1 in this situation?
A friend of mine, with self-employment income did his/her income tax using Turbo Tax. Turbo Tax produced the tax return including Schedule 1. My friend has a Qualified business income deduction. ...
- 1,521
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2
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171
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Can I deduct driving expenses when I am driving for a ride share service and hoping to get a passanger?
Imagine a person is driving for a ride share service such as Uber. He is at his favorite spot waiting for his next passenger. He then gets a passenger and drives the passenger where he/she wants to go....
- 1,521
3
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1
answer
113
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Can self-employed skip quarterly tax payement if compensated by spouse extra witholding?
Suppose a couple made a one employed spouse and one self-employed spouse. Further suppose that the couple choose to file jointly.
Instead of having the self-employed spouse pay anticipated taxes of x$ ...
- 171
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2
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5k
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Making separate individual estimated tax payments when married filing jointly
My spouse and I typically file our tax return as married filing jointly due to the advantages like the child and dependent tax credit, and we plan to do so again this coming year.
This year, we have ...
- 175
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0
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60
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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
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2
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327
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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
8
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4
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4k
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Are miles driven for business deductible expenses if the travel expenses are reimbursed?
I completed some work for an organization. I was paid as an independent contractor and expect to be issued a 1099. For one part of the work, I was required to travel a significant distance (by car). ...
- 2,099
6
votes
2
answers
8k
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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
3
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1
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497
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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
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1
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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 ...
1
vote
1
answer
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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1
answer
318
views
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
answers
13k
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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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2k
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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
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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
answer
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
2
votes
1
answer
152
views
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
1
vote
1
answer
141
views
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
answer
57
views
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
answer
113
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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
vote
1
answer
207
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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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