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.
40
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When should I start an LLC for my side work?
I am doing quite a bit of sidework this year and wondering at what point would it be a good idea to "start a business" and bill through that.
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6
votes
1
answer
522
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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 ...
- 185
4
votes
1
answer
3k
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Indian citizen wants to work as a freelancer for Europe. How to pay tax in India?
I got an offer to work as a freelancer for a European company. In Europe, it's like you need to set up a small legal entity on your name but is this the same in India? How can I do freelancing in ...
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80
votes
4
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The USA "self-employment tax dodge" mystery
For non-US readers:
In the US, for those who are self-employed, there are many specific taxes. One particular tax is the confusingly named "The Self-Employment Tax".
Thus, if you are self-employed, ...
- 13.8k
33
votes
11
answers
6k
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What warnings would you tell a friend about to enter a multi-level marketing (MLM) business venture?
Imagine you had a friend who was about to join a multi-level marketing (MLM) business, despite your advice to the contrary. Another friend or family member had already convinced them the opportunity ...
- 31.7k
9
votes
1
answer
3k
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What are the benefits and downsides to an LLC vs. Sole Proprietorship vs. Individiual?
As a followup to my previous question, what benefits are there for an LLC vs. a Sole Proprietorship? What are advantages and disadvantages to both and also vs. just being paid as a person?
- 819
8
votes
5
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19k
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Is "premium tax credit repayment" deductible as health insurance cost for self-employed?
Under the ACA, you estimate your income for the year when signing up for a health insurance plan via the exchange. If you are eligible for a subsidy, it is calculated based on this estimated income, ...
- 24k
2
votes
3
answers
449
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LLC-SCorp to self - actually, does the corp pay payroll taxes?
In the USA. Here are the two common scenarios for the self-employed:
A. Joe makes 100,000 over the year. It's paid to him as 1099 payments from his various clients. Joe pays the many taxes on that.
...
- 13.8k
38
votes
3
answers
11k
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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-...
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25
votes
2
answers
7k
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Do I need to pay taxes as a food delivery worker if I make less than $12,000 in a year?
I started working for Doordash, a food delivery service. Technically I think I am a self-employed contractor.
I saw online that you don't have to declare taxes if you make less than $12,200 in a year. ...
- 303
16
votes
4
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4k
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Why is this tutor agency startup so highly valued by investors?
I am currently a university student, looking to make a bit of extra money. I got excellent grades in high school, so I was looking into tutoring.
I figured from research that I could get some clients ...
- 371
10
votes
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
10
votes
3
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7k
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Full-time work + running small side business: Best business structure for taxes?
Currently I have a full time job (IT industry) but from time to time I do a side project.
Most of the times my clients agree to pay me cash as the amounts are not large.
However, last year there ...
Frank
7
votes
2
answers
529
views
I may earn a lot of cash soon through self-employment on a lucrative project. How to handle the tax?
I'm in Canada, and am young and don't know anything about finance.
I've been working part-time as a software consultant for a friend who's starting a marketing company. He recently landed a job with ...
- 173
7
votes
1
answer
7k
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W2 and 1099 (self employed) income in same year: social security taxable income limit?
For 2013, the maximum taxable social security income for employees on wages is $113,700, and for self employed individuals it is also $113,700 (though obviously at a higher rate).
Suppose a person is ...
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