Independent Contractor vs. Employee: What are the differences? There are many reasons why employers prefer independent contractors to employees. Therefore, it is not surprising that some employees are incorrectly classified as independent contractors. Learn the difference.
Entity Structure for the Solopreneur and the Gig Worker
Starting a business is all about taking things one step at a time. One big step you’ll take is determining your business structure. But, this is a step you need to take ever so cautiously. Before you take the leap and make a business structure decision for your company, get to know the various entities like the back of your hand—and the pros and cons of each.
High Deductible Insurance Policies as an Option
By definition, HDHPs carry higher deductibles than traditional health plans. So, HDHPs require you to pay more out of pocket before your insurance kicks in. But how much more? It could be less than you think. As you decide between health plans, be sure to calculate your true costs and long-term healthcare spending. Learn factors for consideration.
Drug testing—background and why
A drug test involves testing a biological sample, such as urine or hair, for the presence of a legal or illegal drug. There are several possible uses for a drug test, the most common of which is for pre-employment screening. Employers must provide a safe work environment, and they want to ensure their employees are productive, but is maintaining a drug-testing program in furtherance of these goals worth the hassle? The answer may depend on the workplace.
Filing Your Taxes as a 1099 Only or a Combination of 1040 and 1099
If you made a payment during the calendar year as a small business or self-employed (individual), you are most likely required to file an information return to the IRS. Receipt of certain payments may also require you to file an information return to the IRS. Learn about information returns and more.
Best Practices for Separating Business and Personal Income and Expenses
Is it illegal to use a business credit card for personal expenses? How do I maximize tax deductions for the business use of my car? What’s the best way to track my expenses?
Work Life Balance as a Gig Worker
As a gig worker, there comes a time where you feel like you’re working way too much. Gig workers should find a work life balance that fits their gig lifestyle and also their personal lifestyle. It doesn’t matter if you work gig apps such as Doordash or Uber, or you are a contractor in general labor, or even if you work remote online…the thought process is the same, if you overwork yourself doing these gigs or side hustles than are you really benefiting from being a gig worker (independent contractor) or being your own boss? Sometimes its just nice to take some time for yourself. So let’s talk about it.
Solopreneur—Employee or Partner
Establish a basic payroll structure to help you hire employees. Then, manage employees properly with a general understanding of state and federal labor laws.
Solopreneur-Growth Through Collaboration
Collaboration is critical in any organization, but you must approach it correctly. Collaboration can be costly and time-consuming, but it can also pay off if done correctly. The key is to get your collaboration activities right the first time.
Solopreneur—Branding Your Company
Done right, your brand identity system can be a money-making monster. It’s capable of stirring the emotions of crowds of fans. Leave it to chance, and you’ll likely hit that brick wall of marketing failure. So what should you do early on to avoid wasted ad revenue, lackluster marketing, and sleepless nights?
Accounting for Start Up Solopreneur Companies
How much money will it take to start your small business? Calculate the startup costs for your small business so you can request funding, attract investors, and estimate when you’ll turn a profit. The key to a successful business is preparation. Before your business opens its doors, you’ll have bills to pay. Understanding your expenses will help you launch successfully. Plus learn how to track and record your expenses.
Keeping Track of Business Expenses
Business expenses are an ordinary and necessary cost of running a business. Unfortunately, many freelancers make common business expense mistakes like not knowing what’s tax-deductible, forgetting to keep receipts or failing to have a robust expense tracking system. Learn the most common business expense mistakes and how to avoid making them.
Qualifying For a Mortgage While Self-Employed
The mortgage application process can be challenging for self-employed homebuyers when it comes to providing documentation. When applying for a mortgage, lenders will look at your credit history, the amount of capital you have, the type of property you plan to purchase and your capacity to repay the loan. This step can be complicated for homebuyers that do not have traditional income and employment. Here are a few tips to help you through the homebuying process if you’re self-employed.
Some interesting facts about ride share drivers.
The fascinating thing about the rideshare driver population is, while they have all these common needs, they’re incredibly diverse in terms of age, education, family life, and social status. As of 2022, there are 93 million active Uber users worldwide. 25% of Americans use Uber at least once a month or more. As of February 2020, Uber rides are available in over 10.000 cities globally. This is impressive for a 10-year-old company considering it is not allowed to operate in many countries.
Growth of the gig economy
Nontraditional, short-term and contract work existed prior to the internet and smartphones, but the gig economy has ushered in a new way of connecting people with consumers and those who want to hire them. To better understand the experiences of people who take on gig work, Pew Research Center surveyed U.S. adults in August 2021 and found that 16% of Americans have ever earned money through an online gig platform.
Working Side hustles while working full time for the man
With the rise of platform technologies and increased use of freelancers, contractors, and “gig” workers by companies, it has never been easier to start a side hustle to generates income on the side of a full-time job. Nearly 44 million U.S. workers are currently running a variety of side hustles ranging from driving for ride-sharing companies, renting out their houses, or selling handcrafts online.
How to make a good first impression
The saying “You only have one chance to make a first impression” holds true in many situations, from job interviews to sales calls. How can you make sure that you start off on the right foot in any of these scenarios? What should you actually say? And what’s the best way to follow up?
Tapping into your 401k to fund your gig life
Depending on the amount of money you’ve put aside and the amount you need, there are two ways to leverage your retirement savings and bootstrap your business. If your business requires less than $50,000 to start and you have a solid repayment plan, borrowing your business’s startup funds from your 401(k) may prove a viable option.
What do companies value most from gig workers
It’s not just having a degree or certification, but rather having skills that are relevant to the needs of the market. People participating in the gig economy need to continually build, expand, and refresh their skills in order to stay competitive.
Digital nomadism-is it for you?
With stable internet access, you can become a digital nomad and enjoy the experience of traveling amongst other remote workers. As a digital nomad, you have the flexibility to create your own work schedule, free of the standard nine-to-five timetable. But what are the pros and cons of being a digital nomad?
Working on “vacation”
What even is a “working” vacation? Entrepreneurs tend to take two types of vacations. They take either a “working vacation,” during which they end up working the entire time (which isn’t really a vacation) or an off-grid vacation with no internet, no computer, and no phone. Learn the pros and cons of working on vacation.
When solopreneurs should hire their first employee
Entrepreneurship implies an individual, confident, self-sufficient and driven to do everything according to their own standards &mdash all good things when starting out. But once the work starts pouring in, too much control can become a liability. There are some solid ways to tell if you are in a good position to start bringing on an employee.
Networking For Success
Ditch your business cards. There are more effective, less awkward strategies for building your connections. In this post, you’ll find advice for networking and steps for introverts to become “master networkers”.
Your Personal Brand: Why It Matters and How to Create the Best Version of You
In an era where everything is digital and what you post on the internet seems to be eternal, creating a strong personal brand is more important than ever. Your personal brand defines who you are and what you stand for and describes your skills and experiences. Personal branding is a way of showcasing your strengths and personality as well as telling your story.
Creating a Better LinkedIn Profile
If you want to have a successful career, maintaining an online presence on LinkedIn is crucial. Not only is it an effective way to network with other professionals in your field, but it can get you noticed by others and potentially land you several job opportunities.
Pricing Your Work
When a customer answers the question of what something is worth, economists call it “perceived value,” and this mental notion of how many dollars they would trade for a good or service can be shaped and expanded — by the product’s environment, how it’s marketed, and the story we’re told about it. Of course, the idea of “worth” is actually a lot thornier than it looks, especially when it comes to pricing yourself.
Liability Insurance—What Do You Need
Depending on the type of work you do, you may need liability insurance, errors and omissions insurance, or both. Learning more about different types of insurance, what it does, and the risks of going without can help you to protect your business and ensure that clients can hire you with confidence. In addition to liability insurance, an independent contractor may need other forms of insurance, including errors and omissions insurance, workers’ compensation, and possibly a business owners policy.
Health Insurance for the Independent Worker
Getting the right health plan at an affordable price can have as much impact on your finances as properly filing your taxes, and an even bigger impact on your health. But that doesn’t mean this task has to be as complicated as it seems. Following are reasons for why finding the right health plan is worth the effort—and how to make it easier on yourself.
Home Office Deductions for the Independent Worker
While more people have been working from home, not everybody will be able to take advantage of the home office tax deduction. If you work for an employer but also have a freelance side job or are temporarily self-employed, you can claim the deduction during the months you work in those positions. A home office tax deduction is a deduction that eligible workers can take if they have a dedicated in-home office space, which is strictly used for business.
Mileage Deductions for the Independent Worker
Learn about the laws surrounding mileage reimbursement so you can create a company policy that meets state and federal regulations. There are both legal requirements and business considerations to keep in mind when determining whether you need a mileage reimbursement policy and what it should look like.
Tax Reporting Obligations for Gig Workers
As an independent contractor, you can deduct reasonable and necessary expenses related to running your business. Tax deductions reduce net income, lowering your business tax bill. At your disposal are the same deductions available to any small business. Scan guides, comprehensive lists of deductible expenses, and tax responsibilities.
Legal Aspects of Gig Work
More people work from home or remotely as independent contractors than ever before. Understanding your legal rights, getting paid and knowing your tax responsibilities allow independent contractors to earn greater profits. Review starting guidelines to tell you everything you need to know about independent contractor rights.
How to leave a job to become an independent worker full time
In beginning of 2022, the Labor Department reported a record breaking 4.53 million people quit their jobs in a single month, part of an almost year-long trend dubbed the “Great Resignation.” You might be tempted to join them. You may be wondering how to assess whether it’s time for you to move on from your job. Following are questions and answers that can help you make that decision.
Client Conflict Resolution
A conflict is a situation when the interests, needs, goals or values of involved parties interfere with one another. In the workplace, conflicts are common and inevitable. Different stakeholders may have different priorities; conflicts may involve team members, departments, projects, organization and client, boss and subordinate, organization needs vs. personal needs. It is important to understand (and apply) various conflict resolution techniques.
Working and Social Security
Social Security is commonly seen as a source of retirement income. But you’re allowed to work and take Social Security retirement benefits or survivor benefits at the same time. If you do so before you reach full retirement age, though, Social Security may withhold part of your benefits. Following are some links to help you understand how you can get Social Security benefits even while you’re still working. Learn how you can keep as much of that money as possible.
Creating Retirement Savings as a Gig Worker
In today’s economy, most Americans are looking into gigs that can support their lifestyles, their finances and overall income. Their economic situations tend to be as diverse as their work. Following are a collection of articles which address the challenges of retirement saving in the Gig Economy and the many benefits of a Solo 401k.
Collaboration Among Gig Workers
You cannot simply just rely on a solo journey. You need a team, and as a freelancer, you will probably prefer a distributed team. Collaboration is critical in any organization, but you must approach it correctly. Collaboration can be costly and time-consuming, but it can also pay off if done correctly. The key is to get your collaboration activities right the first time.
Effective Communications with Clients
There are many benefits of strong communication, including improved reputation and trustworthiness. For service-based, client communication is especially important and can impact your success over the years. Fortunately, communication can be simple. Following are articles featuring strategies that can help you best communicate with your roster of clients.
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