657 - Who Must Pay the Self-Employment Tax?

Money Girl

Macmillan Holdings, LLC

Investing, Education, Business, Entrepreneurship, How To

4.6 • 1.8K Ratings

🗓️ 28 October 2020

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

Being your own boss can be rewarding, but missing tax deadlines or paying the wrong amount can lead to expensive penalties. Find out what solopreneurs and small businesses need to know about the self-employment (SE) tax and how to stay compliant. Read the transcript. Check out all the Quick and Dirty Tips shows. Subscribe to the newsletter for regular updates. Join the conversation on Facebook and Twitter. Links: https://www.quickanddirtytips.com/money-finance/taxes/what-is-the-self-employment-tax https://www.quickanddirtytips.com/podcasts https://www.quickanddirtytips.com/subscribe https://www.facebook.com/MoneyGirlQDT https://twitter.com/LauraAdams

Transcript

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0:00.0	Hey everyone. I'm Laura Adams and this is the Money Girl Podcast. I'm a finance
0:10.4	author, speaker, and consumer advocate who's been writing and hosting this show
0:15.3	since 2008.
0:17.7	I'm so glad to have you with me this week.
0:20.4	And if you're someone who works for yourself, or maybe you're just thinking about creating a business,
0:25.6	I would love for you to check out my newest book, which is an Amazon number one new release.
0:31.1	The title is Money Smart Solooprener, a personal finance system for freelancers,
0:36.6	entrepreneurs, and side hustlers. It's on sale everywhere books are sold as an e-book a paperback and the audio version is on the way.
0:46.5	The book is a complete guide for anyone who wants to build a business and a secure financial
0:51.3	future.
0:52.3	And one of the topics that I cover in the book
0:55.0	is about the self-employment tax,
0:57.0	which is so important to understand
0:59.0	when you work for yourself,
1:00.0	either part-time or full-time.
1:02.0	In doing interviews about my new book, yourself, either part-time or full-time.
1:02.9	In doing interviews about my new book, a common question that is coming up is, well, Laura, what's
1:08.8	the biggest mistake that solopreneers make?
1:11.6	And my answer is, far not understanding how taxes work when you are your
1:17.1	own boss. That is definitely the answer. So in today's show we're going to talk a little bit about that.
1:23.0	And you know, working for yourself is definitely very exciting and financially rewarding.
1:28.0	But the downside to self-employment is that you have to understand some special tax rules.
	...

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