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

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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
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Face the Spreadsheets: Lisa Gilmore on Learning to Love the Financial Side of Her Creative Business

Success

Every Friday, Lisa’s Director of Procurement compiles a report that details all of the income received Monday through Thursday and how the money is being divided between different bank accounts within the business. For example, there are separate accounts for taxes, operating expenses and cost of goods.

Learning 279
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8 Crucial Tax Filing Tips For Freelancers

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When you’re self-employed as a freelancer or contractor, you are in charge of reporting your earnings to the IRS, as well as getting your taxes accurately filed and paid. . Track your expenses and earnings during the year. There are many tax breaks that freelancers may get, which can include costs related to: .

Filing 328
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Welcome To The Age Of Polyworking: The Multi-Job Revolution Led By Gen Z

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According to Owl Labs’ latest State of Hybrid Work report, an impressive 46% of employees are engaged in at least one side hustle. With the rise in living costs and inflation, an intriguing new trend has emerged: polyworking. Inflation has played a major role in the rising cost of living. Although it fell slightly to 6.5%

2021 253
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1 in 3 Workers Say They’ll Seek New Employment with Education Opportunities

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Of the workers who said their current employer offers employee tuition benefits, 86% report their general level of happiness as fairly or very happy in their current job. . What if your employer was willing to cover any costs associated with this type of upskilling/education? Study highlights : .

Expenses 279
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Some Companies Are Asking Employees to Pay for Training to Increase Buy-in. But Does It Work?

Success

In July 2022, the Student Borrower Protection Center released a report titled Trapped at Work: How Big Business Uses Student Debt to Restrict Worker Mobility detailing the issue. Required corporate or professional training: “It is only sensible that the company carries the total cost.” In both cases, there’s no cost to employees.

Training 246
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Helpful Budgeting Tools to Keep You On Track

Success

These are the best budgeting tools Multiple free or low-cost budgeting tools can help track your spending and keep your budget strong. You can keep all of your finances in one place, including your investment accounts, customize your budget categories, set goals and see your credit score and a credit report summary.

Budget 246