Being self-employed can be a good thing. It means you’ve found a way to earn income for yourself and your family. You know the old saying, “Give a man a fish and you feed him for a day; teach a man a fish and you feed him for life.” Being self-employed allows you to call your own shots, for the most part; especially if you’ve had your fill of working for other people. However, there are definite challenges, like not having the health insurance you had while working for an employer. You may have also had to take a cut in income until your business builds up. Click here to read or watch more IRS Help resources.
Whatever reasons you’re now self-employed, you need to be aware of tax issues that may not have been relevant as a “9-5 warrior.” You get to choose your life, hours you work, you get to work with people you like, and avoid those you don’t like, and you get to make a stand for your values. Even during tough times, you get to reward yourself with self-fulfillment. And most importantly, you get to lead a varied life. But you still need to pay taxes.