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Small Business Week — 7 Strategies for Saving and Tax Planning

Small Business Week - TaxACT Blog

National Small Business Week Edition.

National Small Business Week, organized by the Small Business Administration, recognizes the contributions of entrepreneurs and small business owners across the nation for the critical impact they have on the overall economy and job creation.

“National Small Business Week is a chance to honor our nation’s 28 million small businesses and renew our commitment to fostering the entrepreneurial spirit that is central to the American experience,” says SBA Administrator Maria Contreras-Sweet, the head of the U.S. Small Business Administration, in a statement.

As part of Small Business Week, we’ve highlighted 7 articles to better equip you, as an entrepreneur and small business owner, for personal saving as you venture into self-employment and tips for being prepared come tax time.

How to Start a Side Hustle and Stop Stressing about Saving

by Erin Lowry

It may sound easier said than done, but in this new freelance economy, it’s become simpler than ever for people to increase their earning potential right from the comfort of the couch (and without jumping into a risky pyramid scheme). Continue reading…

Taxes and the Sharing Economy — Here’s What You Need to Know

by Sally Herigstad

It’s so easy to make a little cash now. Rent a room on Airbnb. Drive someone around town by Uber or Lyft. Sell used books and DVDs on Amazon, or a piano on eBay™. It’s all good – until you get a tax bill you weren’t expecting. Continue reading…

Be sure to set aside a portion of the money you receive for income taxes and self-employment taxes, or you could be in for a shock come tax time. Tweet this

5 Little Known Ways to Successfully Live on Irregular Income

by Susan Johnston

Are you among the millions of Americans who piece together a living by freelancing, contracting, or running side hustles? The so-called “gig economy” has shed light on a growing class of workers who don’t collect a steady, guaranteed paycheck from a single employer. Continue reading…

7 Tax Tips for the Freelance Economy

by Erin Lowry

Why bother thinking about W-9s that will come in January when the tax season just finished up. For some workers, tax season is marked by three-month periods, not April 15 . Continue reading…

…freelancers need to earn 25% more than their gross income as employees in order to account for extra taxes and expenses. Tweet this

Schedule C: Reporting Self-Employment Income from Multiple Sources

by Sally Herigstad

Self-employed individuals often have more than one activity going at once. You can report closely related activities together on one Schedule C. Unrelated activities would be separate businesses, such as a hair salon and computer repair service. Continue reading…

Turning Your Hobby Into a Business: Do You Have What It Takes?

by Sally Herigstad

Have you ever thought about turning something you enjoy, something you would do even if it didn’t make any money, into a way to make a living? Who hasn’t? Continue reading…

10 Tax Tips for the Self-Employed

by Sally Herigstad

Having your own business definitely increases the amount of recordkeeping you have to do for tax purposes. When you’re digging through boxes of business receipts, it’s easy to envy people who only have to enter income from a W-2 form. However, as a self-employed person, you get some tax breaks that your employed friends don’t. Continue reading…

Being a freelancer and self-employed is liberating for many, just remember to have enough saved up for tax season. Tweet this

TaxAct Business maximizes all the deductions you are entitled to with a broad list of business expenses. It walks you through your taxes with easy interview questions. Start for free now or sign into your TaxAct Account.

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