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Episode 214: From Employee to Entrepreneur: Key Considerations

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Manage episode 478958955 series 3502811
Content provided by David Chudyk. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by David Chudyk or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

Please email me, David Chudyk, with any questions, or if you just want to connect: [email protected]

Takeaways:

  • Freelancers and independent contractors have more control over their work compared to employees.
  • It's important to remember that freelance income is subject to self-employment taxes, unlike W2 income.
  • Planning for irregular cash flow is crucial for freelancers and independent contractors.
  • Independent contractors can deduct business expenses, which can lower their taxable income significantly.
  • Having a good relationship with a tax professional is essential for managing freelance income.
  • Freelancers must handle their own training and professional development expenses, which can add up.

Links referenced in this episode:


Mentioned in this episode:

Inside the Mind of an Aquirer

Weekly Wealth Website

  continue reading

217 episodes

Artwork
iconShare
 
Manage episode 478958955 series 3502811
Content provided by David Chudyk. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by David Chudyk or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

Please email me, David Chudyk, with any questions, or if you just want to connect: [email protected]

Takeaways:

  • Freelancers and independent contractors have more control over their work compared to employees.
  • It's important to remember that freelance income is subject to self-employment taxes, unlike W2 income.
  • Planning for irregular cash flow is crucial for freelancers and independent contractors.
  • Independent contractors can deduct business expenses, which can lower their taxable income significantly.
  • Having a good relationship with a tax professional is essential for managing freelance income.
  • Freelancers must handle their own training and professional development expenses, which can add up.

Links referenced in this episode:


Mentioned in this episode:

Inside the Mind of an Aquirer

Weekly Wealth Website

  continue reading

217 episodes

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