One of the great advantages of being self-employed is the ability to open and manage your own small business retirement account. Employed people have to either take or leave their employer's 401(k) or 403(b) plan offerings, regardless of the quality or cost of the funds it offers, while the self-employed get to choose their own plan provider and pick exactly the … [Read more...] about Solo 401(k) accounts from Vanguard, with beneficial illustrations and calculations
Since we now have a preliminary Congressional Budget Office report on the effects of the American Health Care Act, the Republican replacement for the Affordable Care Act, this seems like as good an occasion as any to address the importance of medical insurance to the construction of an economy of entrepreneurs and entrepreneurship. Since World War II, … [Read more...] about We must decide: shall people be financially ruined by medical costs?
I am working on a project for my beloved readers that has quickly spiraled out of control and is taking me much more time to complete than even I had contemplated. But one key point that I've learned is that as a self-employed person, you should use your Employer Identification Number, or EIN, for absolutely everything connected to your business. This may sound … [Read more...] about Self-employment tip #1: use your EIN for everything
Between this blog and my travel hacking blog, at least 90% of my income comes from self-employment. I'm not even paid through a partnership or S corporation; I just get deposits into my checking account. If you're self-employed, it's possible your income isn't "tracked" in the way traditional wage income and some contractor income is, with the IRS receiving … [Read more...] about Yes, you should declare all your self-employment income