KC Morgan's Blog
Posted by KC Morgan
Do you know how to do your self employment taxes? Which form you’re supposed to fill out? What items you’re allowed to claim as end-of-the-year expenses? If you don’t really have an answer, don’t worry - lots of self employed professionals are in the same boat. Find out what you need to know about paying SE taxes.
Self Employment Tax Forms
For the most part, self employed professionals will be working with two types of tax forms: the 1099 and the 1040.
- 1099 Tax Form. This form is often uses by freelancers and independent contractors. Its main purpose is for people who need to claim “miscellaneous income,” such as royalties.
- 1040 Tax Form. Perhaps the most common self employment tax form, the 1040 form is used for professionals who need to file individual income taxes in the US.
Paying Your Self Employment Taxes
If you’ve earned self employment income in the last calendar year, you’re obliged to pay income taxes and self employment taxes on every bit of that money - minus expenses. This last part is the most important. Don’t ever forget to claim your expenses, because you’re only hurting yourself if you do.
Self employed professionals are eligible to receive tax breaks on their income if they’ve paid some of their own money toward maintaining their careers. For instance, if you purchase a health insurance policy it’s a work expense. If you use your car to buy and/or deliver goods, the gas you spent is another work expense. Starting to get the picture? Once you’ve subtracted your expenses, you’ll find that self employment taxes are much more manageable.
Posted by KC Morgan
Through freelance work, many different professionals can become self employed and enjoy the freedom of working at home. Accountants, writers, artists, designers and consultants are just the tip of the iceberg when it comes to self employment possibilities in freelancing.
Freelance Work
Working freelance is a little like working without a net. Following this career path means being in charge of your own destiny. As a freelance self employed professional, you’ll seek out (and land) your own jobs in order to earn. Being successful in this endeavor means following through on promised work, meeting deadlines and establishing a reputation in the industry. It means being on your own, but it also means being your own boss.
Become Self Employed
These days, almost anyone can become self employed in their chosen career path. It’s too easy to make use of VoIP (voice over Internet protocol), Webcams and software which helps people hold meetings no matter how far apart they might be. In fact, many companies would rather save their space and money by hiring employees to complete jobs from home.
Administrative professionals, telemarketers, transcriptions and many other professionals can easily translate their skills into self employment. Through freelancing, almost anyone can earn with work at home.
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Posted by KC Morgan
For many, gambling is an every-now-and-then thrill, a pleasant entertainment best saved for special outings and occasions. But for some, gambling is daily bread and butter…and it can add up to big winnings. But is playing poker to be self-employed at all viable for the every day, average worker?
Self-Employment…with Poker?
It’s true that some rare individuals, a small percentage of the population, learn the craft of playing poker so well they can earn enough money, consistently, to support themselves in full. Professional poker players are, in a sense, self-employed, because they rely upon themselves for their income. Some even manage to gain sponsorships and endorsement deals for their efforts. Poker is considered something of a sporting event, so there is real money to be made in this skill.
Like athletic sports, however, only a small portion of the population can master the art of playing poker professionally. That said, it’s not impossible to achieve self-employment by gambling.
Being Self-Employed
Being successfully self-employed, in any profession, requires a lot of dedication. There’s no room for error when it comes to claiming income and paying the self-employment tax, for instance. Gambling earnings are still earnings, and must be claimed. Also, a bad day at work for a professional poker player could add up to staggering losses - and those staggering wins may not come just because a player wants them to.
Professional gamblers learn how to keep a cool head and study their craft inside and out. Even then, they may not succeed. Being self-employed means being in charge of oneself. Be sure to set some of those earnings aside, don’t forget insurance and retirement plans…and remember that being self-employed isn’t all fun and games, even in professional gambling.
Posted by KC Morgan
You can pore over marketing tips for self employed professionals, and you’ll wind up getting the same message over and over again: you need a strong resume and portfolio if you want to be a contender in the work at home job market. Learn how to promote yourself to find self employment success.
Create a Self Employment Resume
Knowing how to write a self employment resume starts with self-confidence. Remember that if you want to get the job you’ve got to be your own biggest fan. Want to be self employed? Start thinking of yourself as an extremely skillful worker, a PR expert, a highly-successful promoter…because that’s what you’ve got to be to succeed. Your self employment resume will be scrutinized, looked over and glanced at by everyone who requests it, so put forth your best effort. On a single page you’ve got to showcase all your education, experience and skills; take the time to make that page look great.
Create a Professional Web Site
Want to show off your work and let potential customers know what you’re capable of doing? In self employment, it’s key to create a professional Web site that displays a great online portfolio. This page will show off just what you can do, so present your best work and make the layout simple and attractive. Include a link to your portfolio in every cover letter and job response you send. This single page can help make or break your self employed promotional campaign, so use it to show off all your skills and successes.
Posted by KC Morgan
Even good home-based business ideas can be risky, because starting a new business or new career path always is. If you want to become self employed, however, you could fall prey to one of the many online scams on the subject. Turn to ten legitimate home-based business ideas first, and look for real opportunities.
Become Self Employed
Creating a home-based business can certainly help you become self employed - if it works. When starting any new career path, think about your own personal interests and passions. Loving your job has a way of helping you become more successful at it. Explore Five Ideas for Starting a Home Based Business such as online image consulting, video game testing and cake decorating.
Home-Based Business Ideas
Even the greatest home-based business ideas aren’t guaranteed, and starting any business is no walk in the park. If you want to become self employed with your own business, be ready for lots of hard work and potentially long hours. Launching a business requires no end of marketing and promotion, networking and advertising. Even a good idea can fail, so put everything you can into whatever type of business you create. Look to Five More Home Based Business Ideas That Work for inspiration.
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