As the gig economy grows, it's easier than ever to be your own boss. But you still have to answer to Uncle Sam.
As the gig economy explodes, it's easier than ever to be your own boss. But you still have to answer to Uncle Sam.
But at some point your side gig should become serious business. When you reach that stage, here are the next steps: To establish a sole proprietorship you don't even need to register with the federal government other than filing to get a tax ID and for the appropriate licenses and permits. Even if you aren't making any money — which many business owners do not, at least as first —"don't think you can ignore the taxes," Steffen said.
If you don't have any expenses, make a tax-deductible contribution to a Simplified Employee Pension account, or SEP IRA, Steffen advised. Those who are self-employed can contribute up to 25% of their net earnings or a maximum contribution of up to $56,000 in 2019.
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