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

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?

Insiders

Sign Up for our Newsletter

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

article thumbnail

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

Allwork

Another layer of complexity arises from the way their income is earned and reported. Self-employed workers often need to use reliable accounting software or seek assistance from tax professionals with experience in transnational tax matters to keep track of their earnings and report them correctly.

article thumbnail

5 Tips to Make Filing Taxes Easier for Freelancers in 2023

Success

Your client will also send a copy of the 1099-NEC to the IRS, so reporting every dollar is vital. Even if a client doesn’t send you a tax form, reporting the income is still important. Proving that you paid taxes on all of your freelance income, not just what was reported, can be helpful if you’re ever audited.

Filing 278
article thumbnail

5 Financial Basics Everyone Should Know

Success

Your percentages may vary based on your expenses and income. Saving for retirement Saving for future expenses can be one of the most challenging financial basics to master. No one has a crystal ball to tell them how much they’ll need in retirement. 30% to wants and 20% to savings and debt repayment.

article thumbnail

71% Of Workers Experienced Financial-Driven Anxiety This Year

Allwork

In fact, 75% of respondents said that the current market has hindered their retirement savings, leading 28% to dip into these accounts for some expenses. Financial insecurity also ranges between genders, with 77% of women reporting related anxiety compared to 63% of men. .

article thumbnail

Over A Quarter Of U.S. Government Staff Take No Vacation

Allwork

The rates were revealed to be even higher for Gen Z workers and those with lower incomes, with 46% and 39% reporting no vacation time, respectively. The lack of vacation time is not necessarily a matter of personal choice. government faces recruitment challenges in hiring younger employees.

2025 147