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TaxRobin, Tax Consultant
Category: General
Satisfied Customers: 17105
Experience:  International tax
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Does it make financial sense to become self-employed?

Customer Question

Does it make financial sense to become self-employed?
Submitted: 1 year ago.
Category: General
Expert:  TaxRobin replied 1 year ago.
HelloThat all depends on the business itself. Your income is often highly irregular, meaning you have to plan ahead.You have to pay all of your FICA taxes.You’re responsible for saving the funds for all of your income taxes.You need to pay quarterly estimated income tax You have much more opportunity to deduct professional expenses instead of using Schedule AYou become eligible for self-employment retirement plans.You are required to click a positive rating if I am to be credited with the response.You have to actively click on a rating and click submit. Smiley Faces or Stars.