Self-Employment: Quick and Dirty Guide to Tax Issues and Savings

If you're considering joining the Great Resignation and becoming self-employed to be in charge of yourself, pay attention. Before leaping, here are some things to consider regarding the tax implications. This self-employment thing may not be as rosy as it appears. Here’s the big picture. Don’t Believe the Hype Despite what some may believe, becoming self-employed wonʼt allow you to: Write off all your meals as a business expense, Deduct the cost of taking your friends to sporting events, Deduct all your transportation expenses, and Write off the entire cost of owning or renting a residence that contains your home office. S...