Close Menu
    Facebook X (Twitter) Instagram
    Running Wolf's RantRunning Wolf's Rant
    • Home
    • Explore
    • Categories
      • Entertainment
      • Facts
      • General News
      • Hacks
      • Opinion
      • Photography
      • Quotes
      • Technology
    • Featured
    • Buy Us a Coffee!
    • Contact Us
    • Privacy Policy
    Facebook X (Twitter) Instagram TikTok
    Subscribe
    Running Wolf's RantRunning Wolf's Rant
    Facebook X (Twitter) Instagram TikTok
    Subscribe
    Home » Hacks » Self-Employment: Everything You Need To Know

    Self-Employment: Everything You Need To Know

    Ginger AbbotBy Ginger Abbot Hacks 3 Mins ReadApril 20, 2021
    Share Facebook Twitter WhatsApp LinkedIn Copy Link

    Curious about self-employment? Don’t worry, I’ve got you covered. In this article I’ll give you the low down about it.

    NetfloristOfferforge

    It’s a fact that a few decades ago, more than half of working Americans were self-employed. Nowadays, less than one-third own their own business or work as independent contractors. However, side hustles and the gig economy are making a comeback, which has left many newly self-employed individuals wondering how to budget, save money, and file taxes.

    If you’re in that same boat with millions of other Americans (and many other people around the world), it’s time you learned how to manage your finances when self-employed. Here’s what to know about self-employment.

    Self-Employment

    Here’s Everything You Should Know About Self-Employment

    Budgeting With a Variable Income

    When you’re self-employed and running your own business, your income can fluctuate from one month to the next. This makes budgeting difficult at times.

    Luckily, you can ensure you always have enough money in your bank account by basing your living expenses on your lowest anticipated monthly income. Doing so will help you live within your means during the slow season and save during the busier months.

    Creating an Emergency Fund

    Of course, you may also want to create an emergency fund and work on saving at least six months’ worth of essential living expenses. That way, if you fail to set enough aside for taxes or end up missing more work than expected, you still have a bit of a buffer before you have to reassess the situation and consider finding another source of income.

    Paying Quarterly Taxes

    To an outsider, self-employed workers look like they earn exponentially more than their employed counterparts. Since no employer is withholding taxes, they do, in fact, receive more money at first.

    However, they’ll end up paying a fair amount back in quarterly taxes, which they estimate based on their gross income. These payments can total thousands of dollars, and if they underestimate the amount, they’ll end up dealing with self-employment tax debt when April rolls around.

    Tracking Expenses

    Because it’s up to you to estimate your self-employment taxes, keeping track of all business expenses is absolutely essential, especially if you want to make deductions and lower your payments.

    AdidasOfferforge

    Use a notebook to keep track of weekly, monthly, and quarterly expense totals. If you work from home, your expenses might include the cost of office supplies, Wi-Fi, and gas. You may even be able to deduct part of your rent or electricity bill depending on how you use your home to conduct business.

    Finding Insurance

    Working for yourself does come with perks, but health insurance simply isn’t one of them. At a traditional job, your employer might offer health insurance as part of their employee benefits package.

    However, working for yourself means you’re the boss. And finding — and paying for — insurance is your responsibility. Failure to do so can put you and your family at medical and financial risk, so it’s crucial to find good coverage as soon as possible.

    Self-Employment

    Knowing When to Ask for Help

    Unless you thoroughly research what you need to know about self-employment, you won’t understand how to make quarterly payments, build an emergency fund, and save accordingly. In fact, some people still don’t feel confident enough to do all that after conducting research.

    In this case, it’s best to ask a tax professional or accountant for help. That way, you can rest easy knowing your finances are stable.

    Watch this space for updates in the Hacks category on Running Wolf’s Rant.

    Like what you just read? Subscribe To Our Newsletter to stay in the loop.

    Feel free to explore our website, check out our Featured Articles or scroll down to see the articles that are related to this article below. We've been around since 2008, so there's plenty of content.

    Self-Employment: Everything You Need To Know 1

    Self-Employment: Everything You Need To Know 2

    Take control of your online privacy and access content from anywhere with NordVPN - the trusted choice of millions. Whether you're streaming, browsing, or shopping, NordVPN keeps your data secure and your connection blazing fast. Don’t wait — protect yourself today and get up to 70% off your NordVPN plan!

    Entrepreneurs Self-Employment Useful Tips
    Share. Facebook Twitter LinkedIn WhatsApp Copy Link
    Previous ArticleNRL: Who’ll Make The Top Eight In 2021?
    Next Article Climate Change: 10 Facts You Might Not Know
    Ginger Abbot

    I'm a career and learning writer, freelancer, and the Editor-in-Chief of Classrooms.com.

    Related Posts

    By Staff WriterSeptember 24, 2024

    8 Financial Tips to Maximize Farm Revenue & Growth

    4 Mins Read20 Views
    By Staff WriterFebruary 16, 2022

    Benefits of Working a Part-Time Job in College

    5 Mins Read50 Views
    By Staff WriterSeptember 21, 2020

    Solid Financial Advice for graduates entering the job market

    7 Mins Read30 Views
    By Staff WriterJuly 1, 2020

    Financial Products: 6 Top Ones You Can’t Do Without in SA

    5 Mins Read50 Views
    Leave A Reply Cancel Reply

    AdidasOfferforge
    Latest Hacks
    June 3, 2025

    4 Ways to Boost Employee Morale in the Workplace

    9 Views3 Mins Read
    May 20, 2025

    What are the Types Of Home Furniture?

    20 Views3 Mins Read
    May 20, 2025

    3 Relaxing Books That Will Help You Unwind

    19 Views6 Mins Read
    May 17, 2025

    How Important is the Intent in Marketing?

    16 Views3 Mins Read
    Categories
    Latest in Other Categories
    June 9, 2025

    Why People Play Just for the Bonus Rounds

    15 Views3 Mins Read
    June 7, 2025

    Disney+ Releases Trailer for FX’s Alien: Earth

    20 Views2 Mins Read
    June 6, 2025

    What’s on DSTV in June 2025?

    23 Views5 Mins Read
    May 30, 2025

    16 Series you can stream on Showmax in June 2025

    54 Views7 Mins Read

    Global customers rely on Bloomberg Sources to deliver accurate, real-time business and market-moving information that helps them make critical financial decisions! Contact

    Featured Articles
    October 23, 2018

    This Classic South African Volkswagen Advert will bring back memories

    1,074 Views2 Mins Read
    August 25, 2014

    Oppikoppi Photo Album: Editors, Rival Sons & Wolfmother

    63 Views3 Mins Read
    August 20, 2014

    Photo Album: Local acts at Oppikoppi 2014 Odyssey

    51 Views7 Mins Read
    September 28, 2011

    Photo Album: Vredefest September 2011

    70 Views4 Mins Read
    Subscribe to Our Newsletter

    Join The Wolf Pack!

    Get updates in your Inbox

    Check your inbox or spam folder to confirm your subscription.

    Recent Comments
    • Henno Kruger on 30 of the Best Jeff Foxworthy “You Might Be A Redneck” Quotes
    • spkguy89 on 30 of the Best Jeff Foxworthy “You Might Be A Redneck” Quotes
    • Henno Kruger on Photo Album: Oppikoppi Photos from 2005, 2007, 2009 and 2010
    Facebook X (Twitter) Instagram TikTok
    © 2025 Running Wolf's Rant. Designed by ThemeSphere.

    Type above and press Enter to search. Press Esc to cancel.