Anyone who considers themselves self-employed is responsible for saving enough money to pay their taxes; however, there are a variety of exceptions for different circumstances. Key Takeaways: If you’re self-employed, you'll need to file taxes throughout the year, typically via qu...
However, it also comes with the responsibility of accurately reporting income to the IRS. While many freelancers and independent contractors receive a 1099 form from their clients, it’s not uncommon for some self-employed individuals to encounter situations where they don’t receive a 1099. In ...
Recording income and expense journal entries and keeping proof allows you to show your income. While it is helpful to keep an eye on net income each month, very few businesses rely solely on monthly figures to determine the overall success of their business. More commonly, quarterly and annual...
What is adjusted gross income? Your adjusted gross income (AGI) is used to calculate your state taxes and qualify for loans. Calculating your AGI is easier than you might think, and the IRS offers a simple online tool. If you need to find your AGI to fil
The following situations require you to pay taxes on your self-employed income: You earned at least $400 in net self-employment income during the tax year You earned over $108.28 as an employee of a church To be clear, this means that you’ll pay self-employment tax even if you have ...
If you can’t bring in extra money, you’ll have to find ways to survive on your current income. Ways to Save on Everyday Expenses You’ve divided your budget into wants and needs and reduced discretionary spending, but money is still tight. What’s next? Experts suggest y...
Most small businesses start assole proprietorshipsand transition into a more sophisticated legal structure as the business matures. Being a sole proprietor (also called a solopreneur, freelancer, independent contractor or self-employed) is the least expensive and easiest form of business you can start...
Monetary rewards can be a very powerful determinant of employee motivation and performance which, in turn, can lead to important returns in terms of firm-level performance. However, monetary rewards do not always lead to these desirable outcomes. We discuss in this installation of Human Performance...
However, if you come up with something truly unique, consider patenting an idea to protect your business. As you narrow down your business concept, here are some qualities to prioritize: Simple and clear –A good business concept should be easy to understand and explain to others. Unique –A...
income is "money, property, goods or services." It indicates that most income is taxable even if you don't use it right away or if it's paid to someone else on your behalf.1