2 results for tag: Self-Employment Tax


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...

Part Two: Three More Answers on “Paying for College—A Handy-Dandy Strategy”

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo Last week, in the article I shared with you "Paying for College—a Handy-Dandy Strategy", you learned that you could pay your College Student, for example, $23,255 for a one-time job that was not subject to Self-Employment Taxes. With this strategy, you learned that you could deduct the $23,255 and your child paid $1,028 in 2021 taxes. This is good news, but you might ask: Do I need to give my student a 1099? Which one—the NEC or the MISC? What box do I check on the 1099? Since the $23,255 is not subject to the ...