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Starting and running a business, self-employment, business banking, credit cards, taxes, and legal setup. Get the money side right from day one.
Once you’re self-employed, you owe a 15.3% self-employment tax for Social Security and Medicare in addition to income tax, and no employer withholds it for you. Set aside part of every payment the day it arrives and send it to the IRS each quarter, so April never brings a bill you can’t cover.
If you earn self-employment income, let an expense and mileage tracking app record every business drive and receipt as it happens. A log made at the time holds up better with the IRS than one rebuilt in April, and the trips you’d otherwise forget are worth more in tax savings than the app costs.
If you earn self-employment income, run your business expenses through a business credit card and keep personal spending off it. The statement becomes a running record of your business costs at tax time, and you earn rewards on spending you’d do anyway. Pay the balance in full each month.
Most of the best bank account promotions on the market right now cater exclusively to consumers. Indeed, many of the United States’ best online banks seem to favor personal account holders rather than business owners. But not all banks shortchange small-business owners. If you’re…
Business banking is a little different from consumer banking. Our master list of the best online banks around is surprisingly short on business checking accounts with no monthly maintenance fees, minimum balance requirements, or monthly transaction limits. Also, most business…
A solo 401k lets a self-employed person with no employees contribute twice, once as the employee and once as the employer, for a combined cap nearly 10 times the IRA limit. If your business earns more than you can shelter in an IRA, open one and fund the employee side first.
Open Lili’s free Core account if you only need business banking, and pay $35 a month for Smart if you want invoicing, bookkeeping, and tax forms in the same app. Skip Premium, whose extra $20 a month buys a metal card and faster support rather than more tools.
Most business bank accounts charge a monthly fee, pay nothing on your balance, and offer little beyond the basics. Grasshopper Bank is built differently. It’s a federally chartered digital bank that pays interest on checking, offers 1% cash back on…
Fundera by NerdWallet is a business loan marketplace designed to simplify the often overwhelming process of finding financing for small businesses. Rather than a direct lender, Fundera acts as a matchmaker, connecting entrepreneurs with a network of over 25 vetted…
If you’re a small business owner, freelancer, or self-employed professional, you know the struggle: tracking business expenses, sending invoices, managing cash flow, paying personal bills – and somehow trying to see how it all fits together to understand your real…
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