Self-Employed

Pros And Cons Of Freelancing And Being An Independent Contractor

tax forms

From Untemplater — Sydney discusses the pros and cons of freelancing and being an independent contractor.  She does a great job of highlighting some of the key differences.  For the positive aspects, she writes: “The Pros Of Working As An Independent Contractor So you may be wondering, what are the pros and cons of freelancing and…

Making Sense of Retirement Plans: A Guide for the Self-Employed

retire

From the Motley Fool,  Anna Wroblewska writes about retirement plan options for self-employer workers and freelancers.  She writes: “As with most things in finance (and life), the best plan really depends on what you need. With that, what’s your goal? Let’s find the best plan for you. I want to balance simplicity with high contribution…

8 Things Freelancers Should Know About Filing Their Taxes

1099 forms

From Fast Company, Cayleigh Parrish reports the highlights of a question and answer session with CPA Jonathan Medows about freelancer taxes.  She writes: “1. Save your receipts. You must keep your original or scanned receipts going back up to six years in case of an audit. The IRS will not accept bank statements. Consider keeping…

Everything freelancers need to know about liability insurance

man working at a laptop and writing in a notebook

From the Freelancers Union — “Most freelancers get liability insurance when they want work from a client that requires it. So if you’re in that camp: if you want the gig, you need the insurance. But it’s also just a good thing to have, especially if you’re in IT consulting, photography, or another field where…

The ultimate tax guide for freelancers

irs publications

From the Freelancers Union – Lindsay Van Thoen put together a guide for freelancers and self-employed workers that includes links to other source with additional information.  She writes:   “Basics For first-timers and I-just-kind-of-fell-into-this freelancers: How to set up your business and pay taxes How to read your 1099 and other FAQs 7 Tax tips for first time…

Entrepreneur or Freelancer – What’s the Difference?

man working at laptop in front of white board

From tuts+, David Masters discusses the difference between a freelancer and an entrepreneur.  Entrepreneurs are typically independent contractors, while freelancers might be classified as employees or independent contractors depending on the services and the standard that is being used to make the determination.  David does a great job at highlighting some key differences between freelancers…

Contractors Can Be Unprotected Resources

employee being mistreated

From the Huffington Post — S. L. Young writes about the perils contractors, especially independent contractors, face in the workplace.  He writes: “Most employers have well-defined human resource policies and procedures to resolve employment issues. In most cases, an adverse employee action will not occur unless an employer’s processes are followed to address any concern(s);…

Here’s where it pays the most to be a small business owner

coffee cup, keyboard and monitors

From the Washington Post, J.D. Harrison writes about the success of some self-employed individuals particularly in and around Washington D.C. where self-employed individuals median income is $91,644. He writes: “Many small business owners around the country are pretty fed up with Washington. But for those who actually live in the nation’s capital, there may not…

Loaded Question: 1099 Or W-2?

blurred image of man working at laptop

From Forbes, Robert W. Wood writes about the important distinctions between working as an employee or independent contractor.  He writes: “Some employers ask “1099 or W-2?” as if they were asking how you take your coffee. If you’re the worker, you may be tempted to say “1099,” figuring you’ll get a bigger check that way. You…

New tech companies say freelancing is the future of work. But there’s a downside for workers.

overhead view of worker at computer

From The Washington Post, Lydia DePillis writes about the move towards more freelancing in the workforce.  She identifies the shift for both the high and low end of the wage scale — companies that may be trying to circumvent labor laws and save on payroll taxes by engaging low-wage workers as independent contractors and professionals who…