article thumbnail

Digital Nomads And Freelancers Need These Strategies To Navigate Tax Season Smoothly

Allwork

The varying tax deductions and credits in different locales that pertain to self-employment can be leveraged to reduce tax liability but require thorough documentation and understanding. It’s crucial for freelancers to closely and continually track their income and expenses, as this determines their net income, on which taxes are due.

article thumbnail

It’s time to review (or create) your document retention policy

BMT Office Administration

Worried that your company might not have a particular document on hand if the IRS conducted an audit? They create a document retention policy that clarifies what needs to be saved, where, and for how long. Courts and government agencies frown upon individual employees selectively keeping or tossing important documents.

Policies 105
Insiders

Sign Up for our Newsletter

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

article thumbnail

EU To Face £370M Bill If WeWork Exits London Office

Allwork

GB News reported that a document now circulated to the European Parliament’s budget committee said the U.K. That’s because, should the building remain vacant throughout the rest of the year, the EU will incur a £27 million expense. While the bankruptcy filing does not directly impact WeWork’s U.K.

2023 277
article thumbnail

The 7 Biggest Financial Mistakes to Avoid in Your 50s

Success

With extra cash—and in many cases, children out of the home also creating an extra cash infusion—he sees larger houses and more expensive cars show up. It’s not the time to go start taking on extra expenses,” he says. You should be saving as much as you humanly can.

article thumbnail

Starbucks To Reimburse Workers Who Travel For Abortion Or Trans-Related

Allwork

After leaked documents showed the U.S. Employees will receive reimbursement for travel expenses in relation to abortion or trans-related healthcare services if neither is available within 100 miles of where a worker lives. . Supreme Court’s intent to overturn Roe v. The most recent firm to announce this type of policy is Starbucks.

Travel 246
article thumbnail

5 Long-Term Financial Goals and How to Achieve Them

Success

Send your children to college Expected time: 17-25 years Account types: 529 plans, Coverdell Education Savings Account (ESA), custodial accounts, brokerage accounts, high-yield savings accounts , Certificate of Deposit (CD) Welcoming a new child into your family is an exciting step, but it can also be expensive.

Goals 283
article thumbnail

Tax Planning for Freelancers: 5 Strategic Moves To Make Now To Avoid Tax Pain Next Year

Allwork

Firstly, it is the simplest and least expensive form of business to set up and maintain. Sole proprietors report their business income and expenses on their personal tax returns, simplifying the tax filing process, and there are fewer ongoing compliance obligations compared to other business structures.

Legal 264