article thumbnail

SEP IRA: What You Need to Know About This Retirement Plan Option

Success

Finding the right retirement plan for your business can take time and effort. One retirement plan option available to business owners and self-employed individuals is the SEP IRA, or the Simplified Employee Pension plan. It allows you to save for retirement based on your earned income. What is a SEP retirement plan?

article thumbnail

8 Crucial Tax Filing Tips For Freelancers

Allwork

who earn freelance income face confusing tax guidelines and difficult requirements for filing your own taxes. . It’s confusing and difficult, for most people, to know how you’re supposed to file your own taxes when freelance income has been earned from one-time jobs or contract work. . Retirement contributions . ” .

Filing 327
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

5 Tips to Make Filing Taxes Easier for Freelancers in 2023

Success

It can also make things more complicated when it comes to filing taxes. Keep reading for tips for how to do taxes as a freelancer and make filing this year a little easier. This way, you can label or tag a file or email, making searching for a specific transaction or dollar amount easier. There are multiple tax tips out there.

Filing 278
article thumbnail

The 4 Best Retirement Plans for Self-Employed Individuals to Consider

Success

Saving and planning for retirement as a self-employed person can be more difficult than for others. Company employees often have access to a 401(k) or other retirement savings account that lets them make automatic contributions pulled from every paycheck. How is a self-employed retirement plan different from a 401(k)?

article thumbnail

What is a SIMPLE IRA? Everything You Need to Know

Success

Most people are familiar with retirement savings plans, like a 401(k) or a Roth IRA. It’s an easy-to-manage retirement account that lets you make tax-deferred contributions. Keep reading to learn more about this retirement plan and how it stacks up against other options. A SIMPLE IRA is just one of these plans.

article thumbnail

Should I Use a Robo-Advisor to Manage My Investments?

Success

It often includes automatic rebalancing, tax-loss harvesting, retirement planning and picking investments. That means that every $10,000 invested through a robo-advisor would cost you $25 to $50 a year. Typically robo-advisors choose low-cost funds, so you likely won’t feel too much of a pinch.

article thumbnail

Lawsuits, Lost Expertise And Bad Morale: The Steep Risks Of Ignoring Older Employees

Allwork

Age discrimination occurs when a manager or boss treats an applicant or employee less favorably due to their age, which applies to younger people with less experience as well as older people who are close to retirement age. Allwork.Space: What are the hidden costs of turnover that companies are risking by excluding workers over 50? .