2 results for tag: Self-Employment
Spousal IRAs: What You Need to Know
Last week we presented a "Quick and Dirty Guide to Tax Issues and Savings" if you decided to join the ranks of the Self-Employed or maybe you're still considering whether to join the Great Resignation, maybe temporarily or maybe for good.
Or your non-working status might have nothing to do with the Great Resignation. For instance, you could be a stay-at-home parent.
In any case, as a spouse with no tax-defined earned income, you might want to continue saving for retirement in a tax-favored fashion by making contributions to a traditional or Roth IRA.
An IRA set up to receive contributions by a non-working spouse is known as a spousal IRA. ...
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...