While some people are cheerfully preparing for the holidays, small business owners around the country are fighting back the anxiety brewing in the back of their minds about tax season. And much of the cheer they muster quickly fizzles as the new year and that other season approaches. The problem stems from thinking about the tax man coming once a year — like a warped version of Santa Claus.
It’s easy to click and buy something online from a major retailer or go to a big box store where you can get everything you need in one place. Doing so, however, may be counterintuitive to the health of our economy.
It’s October! And, as usual, my kids are getting excited about costumes and candy while I mentally map out our Halloween route through the neighborhood (only places we trust, of course).
The fall business season is upon us once again. The kids are back in school, graduates have recently launched into adult lifestyles (aka working fulltime and paying their own bills), and small business owners are planning for what’s next.
Building a world-class fintech or bank today, especially one serving small businesses, can be like playing a game of Tetris. You have to visualize how to manipulate each digital puzzle piece to fit correctly into your platform in a way that ensures future, currently unknown pieces will also work.
One might reasonably believe that business finances are more complex for large businesses than for small ones. And in some ways, that’s true. But given the limitations of resources small businesses have, managing their finances today can also be exceptionally complex.
Most small businesses tend to get lumped together as the 1099 or Gig Economy. But their size, revenue, and legal structures can be vastly different.The U.S. Small Business Administration offers a Table of Small Business Size Standards, which allows for varying numbers of employees and maximum revenue, depending on the industry.
There’s a wide gap between the small business solutions traditional banks offer and what today’s small businesses actually need. There may even be a misunderstanding around what defines a small business in 2022.
The self-employed, including gig workers and the millions of Americans juggling side hustles can no longer be casual about payments they receive through third-party platforms like PayPal, Venmo, Zell, Cash App and Uber.
Consumer bank statements are holding billions of dollars in tax savings for small business owners, independent workers, and gig workers — but most of it may never be discovered.
The United States has seen unprecedented growth in independent workers during the pandemic. This includes gig workers, contractors, freelancers, and other self-employed individuals who must now track, calculate, and pay business taxes.
It's April, and millions of people in the U.S. — independent workers and gig workers in particular, and self-employed small business owners in general — are still paralyzed by the daunting task of filing their taxes.
Financial independence in the modern era is all about planning ahead, saving, and finding ways to do what you love to make your income.
As a freelancer, it’s easy to get caught up in your work and forget to manage your freelance job as a business.
Time is money! Whether you own your own business, work as a freelancer or contractor, or are self-employed as a real estate agent or rideshare app driver, it’s important to make the most of your time.
In order to keep your income for yourself, and increase your take-home pay, you have to manage your finances and develop strong financial skills for self-employment.
Whether you work part time, full time, or are not currently employed, freelance or contract work can help you put additional dollars in your pocket, while also letting you take the time to enjoy your life and move towards your personal and professional goals.
From managing your tax deductions, to understanding your budget, it’s imperative that you have a sense of expense management as someone who is self-employed, especially if you’re looking to grow your income and your business.
Growing your business may mean expanding your network as a whole. This means connecting with individuals who are in tangential industries, connecting with businesses in need of your service, or connecting with businesses or individuals that you admire and that could help you grow your business.
When you earn 5-star ratings, you are more likely to earn a tip (which is more money directly in your pocket), and you’re more likely to get booked as a driver.
Making sure you are reputable, have a strong network, and give 110% in your customer service, will help you grow and become financially sound as a self-employed individual.
Building your brand as a freelancer is just as important as the freelance or contract job you do, especially if you are looking to grow.
Making money on your contracting business can seem daunting, especially when the economy feels flooded with people who are self-employed.
Pricing your freelance work is imperative to staying competitive in the freelance market.
So, you took the first step. You are your own boss, and you are managing your time and schedule completely on your own. With this added freedom, comes a need for financial responsibility.
Organizing your expenses, income, and tax deductibles is the best way for you to not only see a full picture of your freelancing business, but to maximize your income.
Working as a freelancer, contractor, or consultant is an incredible way to work for yourself, manage your own workload and time, and do the things that you enjoy for work.
Whether you’re a freelancer, contractor, or any other self-employed individual, it’s easy to get caught up in the day-to-day, and forget core requirements for maintaining and growing your business.
Even though expense management is essential to the health and success of your enterprise, it’s often overlooked, or done poorly, leaving contractors susceptible to losses in take-home pay.
Take-home pay is the amount of money left after any taxes, benefit expenses (think: healthcare expenses), and voluntary contributions (e.g. retirement fund).
1. So you know how much you’re earning and can reach your income goals. 2. So you can plan for...
In general, and especially come tax time, these are the 4 most common Schedules and Forms you should be aware of if you’re Self-Employed: Schedule C, Schedule SE, Schedule K-1, and 1099s.
If you make above a certain amount of 1099 income, it’s recommended that you make estimated tax payments every quarter so the IRS doesn’t charge you a penalty.
If you run your business primarily out of your home office, then you should take advantage of the home office deduction as it most likely applies to you.
The standard mileage deduction is 65.5 cents per deductible mile driven in 2023.
The good news is that you can deduct 100% of your meal costs, including beverages, as long as they’re business-related. This applies to dining out and ordering in.
Self-Employment tax is paid by people who work for themselves and don’t have taxes withheld from their paychecks by an employer. Currently the rate is 15.3%.
If you receive a 1099 instead, then you’re an independent contractor and need to plan to pay income taxes on this income.
If you are self-employed, have no significant W-2 income and expect to owe $1,000 or more on your taxes, then you should be paying quarterly taxes. Quarterly tax payments are relevant to anyone who makes a significant amount of their income from freelancing; has a side hustle; or owns a small business, e.g you drive for Uber or run an auto repair shop.
We are always on the lookout for deductions that self-employed individuals can take advantage of, and today we’d like to highlight another tax-savings opportunity: the personal property tax deduction. Here we’ll discuss what personal property taxes are, what is deductible and how to file. Let’s get started.
Retirement planning isn’t necessarily the most fun activity. However, early, careful consideration of your financial future is critical to establishing a comfortable and secure lifestyle later down the line.
For 1099ers, our homes not only figure as our places of rest and relaxation, they also serve as the central hubs where we run our businesses. One of the most essential tax deductions for freelancers and other self employed individuals is the home office tax deduction.
If you work for yourself, you know the importance of taking advantage of as many tax deductions as you can. After all, deductions = more money in your pocket. The thing is, saving money on your taxes often involves a good deal of strategizing: Should I take this deduction or this deduction? Which option will save me more money?
Soaring health insurance premiums are an issue for many Americans, whether you’re a full-time employee, a freelancer or someone with a side hustle. However, for those who are self-employed, there may be some relief: the health insurance premiums you pay for yourself and your family may be deductible on your year-end taxes.
Tracking what you eat or drink at restaurants and cafes may seem like something only certain types of dieters may do, but it’s actually also extremely important for self employed business owners or those with a side hustle. That’s because meal and other entertainment related business expenses can be deducted on your year-end taxes, thereby increasing your bottom line, or true profit.
As real estate agents, you know how important it is to track your business expenses. Come tax time, you break out your spreadsheet (or send off your spreadsheet to your accountant) with a complete list of all your deductible expenses, allowing you to ultimately minimize your tax bill.
Whether you’re self-employed and drive your car to meet with clients or for Uber, or you’re a full-time employee who uses your personal car for work-related meetings outside of the office, the end result is the same: the expenses associated with driving for work don’t have to come out of your own pocket.
While your next big tax deadline doesn’t come around for nearly another year, it’s important to stay on top of recent changes to the tax code that apply to you, in particular.
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