There are quite a number of benefits that will accrue to those who plan to go self employed. The most pronounced benefit of self employment is the convenience it comes with. A self employed person has a very convenient schedule because he determines the hours he/she will be working. This type of employment can be an avenue of active income or passive income. A big chunk of self employed individuals use it as a means of making passive income.
No matter how attractive a job is, it can not be an avenue of passive income. The moment you will stop being employed in formal employment you will stop getting monthly income. Any person who has been employed as a civil servant or as an employee of a company will have to show up at the work place day after day so as to be able to enjoy a monthly salary month after month. In such jobs, passive income will only be made when one is on holiday.
Most jobs which are not self employment jobs usually restrict a person’s freedom. Most employers only pay for less than 6 vacation weeks in a year. Some employers will only pay for three vacation weeks in a year. However, when you have passive income, you can even go on vacation for many months while the income keeps trickling in.
Income should not be viewed as a grand total. To arrive at a more accurate figure of earning power, the grand total of income in a particular year should be divided by the number of hours dedicated towards earning that income. A person who makes $40,000 in a particular year where he dedicated 40 hours each week towards his job has a higher earning power than the individual who earns $40,000 in the year but has dedicated a whopping 80 hours each and every week towards earning the income.
In simple terms, earning more passive income translates into more freedom. Just think, by building your business online, you could work anywhere there is an Internet connection, so if you wanted to, you could travel the world. And with mortgages for self employed individuals being so hard to get, travelling the world could be a good option!
Self-employed Tax Solutions: Quick, Simple, Money-Saving, Audit-Proof Tax and Recordkeeping Basics for the Independent Professional
June Walker tackles the most vexing problems facing the self-employed: bad recordkeeping and tax ignorance. Her solutions are simple, quick and audit proof: a recordkeeping method that works and a guide through the tax maze that ends with more money in the indie’s pocket and less money going to Uncle Sam.
The self-employed operate under various names — sole proprietors, freelancers, subcontractors, free agents, independent professionals – but the IRS and other taxing authorities require all of them to follow the same rules. If self-employed people don’t understand tax and recordkeeping fundamentals, they will eventually gum up the works, and the remedy will be expensive, time-consuming, worrisome, and possibly fatal to their businesses – no matter how talented, motivated and entrepreneurial they are.
The author creates characters such as wedding photographer Billy Bridesnapper and the clueless CPA Sammy Segar to illustrate situations based on the real experiences of he
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475 Tax Deductions for Businesses and Self-Employed Individuals: An A-to-Z Guide to Hundreds of Tax Write-Offs (422 Tax Deductions for Businesses and Self-Employed Individuals)
Are you paying more taxes than you have to? The IRS is certainly not going to tell you about a deduction you failed to take, and your accountant is not likely to take the time to ask you about every deduction you’re entitled to. As former IRS Commissioner Mark Everson admitted, “If you don’t claim it, you don’t get it. That’s money down the drain for millions of Americans.” This invaluable book, updated to reflect changes in tax laws that took effect in 2011, not only lists the individual items that are deductible–from internet domain name costs to theft losses–but also where to list them on your income tax form. “Tax law isn’t easy,” the author explains, “but this book is.”
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Keep Your Hard Earned Money: Tax Saving Solutions for the Self Employed
If you’re in business for yourself, don’t sell yourself short. Reap all the tax-saving benefits you deserve with this clear, concise, step-by-step guide that shows you exactly how to take advantage of every tax deduction allowable by law. Inside, you’ll find all the facts the IRS doesn’t want you to know, and glean all the advice you need to:* Convert everyday living expenses into business deductions* Audit-proof your tax return — how to keep records that will satisfy the IRS* Choose the form of entity that’s best for you* Utilize insider’s tips on numerous deductions: your home office, business equipment, car, credit card interest, clothing, meals, entertainment, trips and vacations, and medical expenses* Use hiring techniques that save you money* Income shifting techniques — make your family part of your tax shelterPlus, you’ll get invaluable insights into retirement plans for the self-employed, including IRAs, Keoghs, SEP and 401(k) plans, and much, much more. Packed with informat
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