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.