The Money Mustache Community
Learning, Sharing, and Teaching => Taxes => Topic started by: Masstache on December 08, 2016, 07:39:10 AM
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My apologies if I missed this in the archives, but is there a canonical reference site with all the details about self-employment and taxes? I FIREd during 2016 (late enough in year to still be in the 25% marginal bracket for the year), and my wife has regular income as a self-employed web developer. She gets W-2 forms from a couple different companies (with taxes and FICA withheld) plus non-W2 income for other projects. For 2016 tax purposes I'm trying to figure out whether it is better to simply lump her income with mine on the 1040 or to set her up as self-employed and file Schedule C to be able to deduct the health insurance premiums. For 2017 tax purposes I'm trying to figure out the best way to set us both up (set up a corporate entity? partnership? joint venture?). I've gathered info from the IRS site and various other places, but I would love to find a FIRE-centric treatment of the pros and cons of self-employment options.
Thanks in advance!
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Some of these questions are answered in the thread near this one:
http://forum.mrmoneymustache.com/taxes/starting-an-llc-or-s-corp-to-avoid-self-employment-taxes/
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Some of these questions are answered in the thread near this one:
http://forum.mrmoneymustache.com/taxes/starting-an-llc-or-s-corp-to-avoid-self-employment-taxes/
Yes, thanks, that is an excellent thread. I did get some useful information there, but was also hoping for a single organized treatment of the topic similar to those available for ACA subsidies and other FIRE-centric tax topics.
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Nolo Press had a couple books on starting your own business/being self employed that do a great job of covering everything. They are a little light on some of the maximizing retirement account contribution strategies since they are aimed at a general audience moreso that the MMM crowd. But if you are already that close to FIRE then this likely doesn't matter.