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  1. “The money that makes its way into your pocket has obviously already been taxed.”

    One addition as well as a caution for self-employed folks in the US – money from self-employment most likely has NOT been taxed. And depending on your tax bracket, the nasty surprise can be HUGE come tax time.

    To make the math easy, assume that you’ll pay 15% in self-employment taxes. To that percentage, add your applicable income tax bracket percentage. For instance, if you’re in the 15% tax bracket and you add another 15% for self-employment tax (30% total), you can count on nearly one-third of any self-employment income going to pay your federal taxes come April.

    So plan your spending and saving throughout the year to avoid coming up short when it’s time to file your tax return.
    Crystal recently posted..Penny Thots and Possum LivingMy Profile

    • Thanks Crystal. Yes, money from self-emplyment and side-hustle is not going to be taxed. People have to make sure that enough is put aside for tax (and other contributions but this vary between countries).

    • Still, when they don’t feel well soneone takes there temperature, or pulse. They step on the scales (we are not talking taking action here, not yet…). There are people who have not seen there financial statement for years!

    • Strange isn’t it? I think that great confusion rules in this area and that it is out duty to support people deal with it.

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