self employment income

Understanding the many tax deductions can be nothing short of a minefield, and many taxpayers are unaware of the many deductions that can be used to legally reduce your tax bill. This article highlights just a few of the tax deductions that you can claim if your circumstances lend themselves.

Standard Deductions
A standard deduction varies depending [...]

We’ve briefly touched on the topic of paying income taxes on eBay sales in the past, but a lot of people are unsure as to whether additional income in general needs to be reported to the IRS. By additional income, I’m referring to anything that’s not part of your usual pay packet, which can include [...]

Up until about 10 years ago, there was one type of IRA, the traditional IRA which was deducted from your taxable income, grows tax deferred, and upon withdrawal, is taxed at whatever rate you find yourself. Its cousin, the Roth IRA is the mirror image, the money you put in is after tax money, but [...]

If you’re self employed, you’re responsible for keeping track of your own taxes, as well as making payments on time. This also involves being on top of your paperwork, filing your tax return on time and keeping hold of receipts and invoices in case you’re asked to prove certain aspects of your tax return. This [...]

It’s a great feeling to be your own boss and make money at it. At least, until you discover that you are now responsible for paying self-employment tax and may be required to make estimated tax payments. I have been paying self-employment tax over the last few years; however, I have not made an estimated [...]

Welcome to the 76th edition of Money Hacks Carnival. In this edition, I’ll be presenting some interesting and fun facts about money along with the submissions. For editor’s picks, please look for entries noted with (EP).

Money Fact #1: $1 bills wear out in about 17 months. Bills of larger denomination last longer because they are [...]

Last week, Christian Personal Finance turned 2 years old — congratulation Bob! While we are on the subject of blog anniversary, Moolanomy Personal Finance is turning 2 this July 15th. To celebrate this auspicious occasion, I am giving away 1 (one) iPod Shuffle to one lucky winner on July 15th. All you have to do [...]

In this  Ask the M-Network article, PJ shared information about his home and his desire to buy a house that just came on the market. Should he refinance is current home, or sell it to buy the new one? Should he buy the new home and rent out the old one? Here’s the question from [...]

As someone who’s on the brink of losing his job, I have been doing my research and looking for employment opportunities. I can tell you that there are jobs out there, but it’s not easy to get one. With unemployment rate in record territory, companies can pick and choose whomever they want to hire, and [...]

In my TurboTax Online Review, I mentioned that I owe some federal income tax and is thinking about opening a SEP IRA, or a Simplified Employee Pension Plan. Aside from reducing my tax liabilities, I want to maintain my safe harbor from having to pay quarterly income taxes in 2009.
Since I am already doing my [...]