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

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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?

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

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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)?

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

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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.

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5 Tips to Make Filing Taxes Easier for Freelancers in 2023

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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.

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5 Financial Basics Everyone Should Know

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Your percentages may vary based on your expenses and income. If you’re struggling to make ends meet and still save money for emergencies, look for ways to cut unnecessary costs. Saving for retirement Saving for future expenses can be one of the most challenging financial basics to master.

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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: .

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Science Fiction To Reality: How Anti-aging Drugs Will Upend The Future Of Work

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He is the latest of many Silicon Valley billionaires to fund the science of anti-aging. Recently, Amazon creator Jeff Bezos was reported to have invested $3 billion in the life-extension company Altos Labs. Would the plan be less expensive for employees under age 60? We may not have to ask this question for much longer.

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