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Taxes for Contractors
Welcome to the Gig Economy
A contractor, or freelancer, can be anyone who works for clients on a contract basis rather than as an employee. If you’re a contractor, then you’re technically self-employed. That can mean flexible hours, getting to choose your projects, and getting to work with multiple clients. But it can also mean...
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Roth IRAs
Road to Retirement
A Roth IRA, or Individual Retirement Account, is one of the most common types of retirement savings...
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Estate Tax
Death and Taxes
An estate tax is an amount that may be paid from your assets to the government after...
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Income Taxes
Pay the Piper
Personal income tax is money the government collects from people based on how much they earned or...
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Partnerships
Passing Through
If you’re starting a business with someone else (or multiple people), the partnership is the most basic...
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Incorporating
Limited Liability
A corporation is one type of formal business structure that entrepreneurs can choose to use when starting...
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Estimated Taxes
Four Times the Fun
Estimated taxes are payments to the government that some people have to make four times a year....
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Retirement Savings for Contractors
Squirrel Away
If you’re a contractor, saving for retirement can be much more complicated than it is for employees....
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FSAs vs. HSAs
Health is Wealth
Health care FSAs and HSAs let you save money for out-of-pocket medical expenses (basically the things your...
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E-Filing
Signed, Sealed, Delivered
E-filing means filing your taxes online. You’ll still need all the same documents you’d use to file...
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IRA vs. 401(k)
Nest Eggs
IRAs and 401(k)s are two popular types of retirement savings accounts. Most people who work in the...
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Tax Deductions
Cut Rate
Tax deductions, such as for donations to charity or interest on student loans, are amounts that you...
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Revocable vs. Irrevocable Trusts
In Good Hands
A trust is a legal agreement allowing one person to transfer their assets to someone else via...
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Audit
Just Checking In
An audit can refer to any kind of official inspection of financial statements—usually to make sure that...
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Charitable Remainder Trusts
Big Love
A charitable remainder trust is a financial tool that can provide a steady source of income while...
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Tax Loss Harvesting
Cut Your Losses
Tax loss harvesting is a trading strategy investors can use to try to reduce their taxes. It’s...
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Capital Gains Tax
The Taxman Cometh
If something you own goes up in value and you sell it, then you’ve made a profit....
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Tax Form 1040
Any Way, Shape, or Form
The IRS’s Form 1040 is the master form that most people use to file their tax returns...
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Estate Planning
Bite the Dust
Estate planning is the process of figuring out what will happen to your stuff after you die....
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Tax Refunds
Check’s in the Mail
If you pay more than your fair share in taxes over the course of a year, you’re...
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Philanthropy
Greater Good
Philanthropy is giving back. It’s paying forward the resources you have—whether your money, or physical goods, or...
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Trustee
Handle With Care
A trustee can be an institution or an individual that is given the power to manage and...
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Tax Withholding
To Have and Withhold
Tax withholding is money your employer takes out of your paycheck each pay period. Your employer then...
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1099 vs. W-2 Employee
Bring Home the Bacon
1099s and W-2s are both types of tax forms. If you’re a contractor, you should receive one...
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Form W-2
Company Man
The W-2 is a tax form your employer must complete at the start of each year to...
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Social Security
Safety Net
Social Security is a government program that takes in taxpayer dollars and pays out benefits to older...
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Tax Returns
Not-So-Happy Returns
Most people pay taxes throughout the year. When you file a tax return, you calculate how much...
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Trusts
Pennies From Heaven
A trust is a legal document that allows a person (the trustee) to hold the assets of...
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Independent Contractor
Free Agent
An independent contractor is someone who is self-employed and works for clients as a nonemployee. Independent contractors...
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