Debt Help Self Employed N Ireland Hi i am new to reddit so please excuse me if i have posted on the wrong thread and would appreciate if anyone had any recommendations of best group to post it on. Basically between personal debt and then 2 years ago taking the plunge and opening my own small business (sole trader self employed) i am ashamed to say i have racked up £35,000 in deb…

My self employed friend needs help He is 30 and self employed with $3000 left over from his expenses to invest. He doesn’t have a ROTH IRA or any retirement set aside at all. He puts $500 a month to a HYSA and $500 a month in his money market account to invest in SCHD. Which leaves him with $2000 left over for savings/emergency fund. Should he keep the money market account or sho…

Books for newly employed youngsters I’m a 22y old who recently started working. My current expenses aren’t very much and so I wish to save/invest as much as possible. I recently read Monika Halan’s Let’s Talk Money that provides a basic idea about personal finances. The book covers various aspects of financial growth, nonetheless, it seems more suitable to Millenial ages. I don’t…

New to self-employed retirement savings I am in my mid 30’s in NY State in my first year as a 1099 worker and am navigating retirement savings. I’ve in a contracted position and am able position to maximize my retirement accounts, and likely also start a brokerage account with leftover money (or putting money aside for a potential move in 12-18 months). I’ve looked through the Person…

Retirement for self employed/business owners? US based. I am considering working for myself/owning a business a few years down the road. Are there any retirement benefits or plans that self employed/business owners are not eligible for, other than 401k? How do business owners retire other than using their own savings and investments? submitted by /u/TechThrowaway1532

Need advice on planning for future. Low income/self employed/caregiver. Hello, I am trying to get my finances sorted for the future and looking for advice on what to prioritize. Specifically trying to figure out how best to save for retirement at this point and get debt free. 39M living in high income tax state (Northern CA). Have to pay self-employed taxes Living with/caring for sick mother. She is on transplant li…

W2 to Self Employed HSA contributions? I recently changed from a W2 employee to self employed and am maintaining my HDHP coverage via cobra. I have not maxed out my 2024 HSS contributions and would like to do so. I plan to roll my existing HSA (through prior employer) to Fidelity. Can I make new HSA contributions to that Fidelity HSA, or do I need to open a new HSA altogether to sepa…

Self employed – credit score I have a small contracting business that requires a pretty decent stream of large equipment purchases that gets paid off upon project completion. Equipment is paid with credit cards which in turn throws my credit score into wild ranges (one month credit utilzation over 90% and the next 25% etc). I need to buy a new truck soon and dont want to ge…

Received 1099nec but not self employed, freelancer or independent contractor Received 1099nec for completing program now I’m having trouble filing since im not self employed. Using freetaxusa any suggestions? submitted by /u/Metaface93

Help with figuring out self-employed retirement planning options? I’m 29 and feel so behind on all things finance so pardon me if I get some things wrong. Years ago, I used to work for a company that matched my 401k contributions. I’m now fully self-employed. I have money sitting in that old 401k that I’m not sure what to do with. Should I roll it over to a Roth IRA? I’ve been seeing stuff about Solo 401ks, bu…

Solo 401k for self employed Hello, My spouse had some self-employed income last year as a software developer. This was a contract position which they did when they had a full time job in parallel. They have a 401k account with their full time employer. Given the above, can they open a solo 401k to invest the amount earned from the contract job? Or should they look at SEP …

Employed but still struggling I currently work at a not for profit making roughly 50,000 after taxes. I was unemployed for a month and had to utilize all of my rainy day funds to cover rent and bills. This has left me without anything for a deposit on an apartment I am moving into next month when my current lease ends- I have a borderline slum lord so I don’t expect to get m…

My friend is self employed and hasn’t paid taxes in 10 years. What will happen to him? I was talking to a friend the other day about tax season coming up. I was telling him how I’m worried that since my business was 30% down this year compared to a killer year last year I’m worried the irs will audit me. My friend nonchalantly tells me don’t worry about it. He never pays them. I was kind of taken back from his response. I asked hi…

How to Get Health Insurance When You’re Self-Employed Being self-employed gives you the freedom and flexibility to be your own boss. However, one major drawback of being your own boss is securing your own affordable health insurance. Read more…

Is there a rule of thumb for going from W2 employment with benefits to self-employed? In short: My sole-proprietorship side gig income has matched my full-time income (not counting retirement, health care, and taxes). I understand the inherent risks of going from a full-time job with benefits to pursuing a career completely self-employed and want to be very well prepared if I do take the plunge (which might be in 3-4 years from n…

Advice for Recently Employed 1099 Employee Hello Everyone: I have a couple of financial questions/need advice on how to go about my current financial situation. Some background, I am a 23 y/o recently employed gal working as an Independent Contractor for about 5 months in the private sector of government. I started out making $20 (March-May), then got a $25 raise for the month of June, …