Remove Cost Remove Expenses Remove Filing Remove Retirement
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 328
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

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. Generally, the expenses involved in operating your business or side hustle can be tax-deductible. Becoming your own boss can change your life for the better.

Filing 273
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

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

Success

It often includes automatic rebalancing, tax-loss harvesting, retirement planning and picking investments. Although these services are usually more expensive than a straight robo-advisor, it’s still often less than meeting with a traditional financial advisor in person. You’ll also have to pay the fund’s expense ratios.

article thumbnail

What Is a Health Savings Account?

Success

We all know we need to prepare for future healthcare costs, but learning how much to save can be difficult. They let you cover medical expenses like copays and deductibles while providing a tax break and helping you save for the future. However, you can still use the money on qualified medical expenses. What is an HSA?

Health 262
article thumbnail

Who’s Stuck With The Bill?

Allwork

The rise in working remotely comes with several costs, which include internet subscriptions, computers and office equipment, home office furniture, security, insurance, and software. There are various models that companies are using to cover these costs of working remotely. What are the costs associated with working remotely?

Expenses 317