If you’re self-employed, a freelancer, or a small business owner, paying estimated taxes is a necessary part of managing your finances. Unlike W-2 employees who have taxes withheld from their paychecks, independent earners must pay their taxes in quarterly installments to avoid penalties and stay compliant with IRS rules. The IRS sets specific due dates […]
Whether you’re self-employed, a small business owner, or an employee using your personal vehicle for work, mileage reimbursement is an important way to offset vehicle expenses. Instead of tracking every fuel receipt and maintenance cost, the IRS standard mileage rate provides a simple way to calculate deductible travel expenses. In 2025, the IRS increased the […]
Running a small business often means wearing many hats — managing operations, handling finances, and ensuring everything runs smoothly. For many business owners, family employment seems like a natural solution. After all, who better to trust with your business than the people closest to you? Family employees, like spouses, children, siblings, and parents, offer dedication […]
One of the biggest financial challenges for small business owners in the United States is ensuring they set aside enough for taxes. Unlike W-2 employees who have Social Security and Medicare taxes withheld from their paychecks, self-employed individuals and business owners must calculate and pay their own taxes. Failing to set aside enough can lead […]
If you earn income that does not have automatic tax withholding, you must pay estimated taxes. This includes self-employment income, freelance work, rental income, and business profits. The IRS requires you to make these payments every quarter. Failing to do so can result in costly penalties and interest charges. Self-employed individuals in the United States […]
When earning an income in the U.S., individuals are typically classified as either 1099 independent contractors or W-2 employees. The distinction between these two classifications is more than just a technicality. It has significant implications for taxes, benefits, job security, and career flexibility. According to the U.S. Bureau of Labor Statistics, nearly 36% of the […]
With more people working remotely and businesses expanding across state lines, earning income in multiple states is more common than ever. Maybe you moved to a new state while working remotely, work with clients in different places, or run a business that serves multiple areas. No matter the reason, understanding how taxes work across state […]
If you’re self-employed in the United States, there’s a good chance you’ll need to file Schedule C (Form 1040) with your taxes. According to the IRS, over 27.1 million sole proprietorships filed a Schedule C in 2020 alone, making it one of the most common tax forms for small business owners and independent contractors. Unlike […]
If you use your vehicle for work, you may qualify for tax deductions that put money back in your pocket. The IRS mileage deduction lets you claim business-related driving expenses, potentially saving you hundreds or even thousands each year. But to benefit, you need to follow the rules and keep good records. This guide is […]
This guide breaks down what you need to know to start and operate your contracting business, get your independent contractor license and stay compliant in the US. Freelancing and independent contracting are on the rise. Nearly 36% of the US workforce identifies as independent workers. If you’re thinking about going solo, there’s more to it […]
