According to the Bureau of Labor Statistics, there are more than about 15 million people in America who claimed to be self-employed. Being self-employed means that you are working for yourself as a freelancer or you are the owner of your own business, instead of working for a traditional employer and working a set schedule. When you are self-employed you are able to earn money for yourself when you please. You are on your own schedule and are not obligated to work a traditional 9-5 schedule. There are so many great advantages to working self-employment. Some of the greatest advantages to working as a self-employment individual is that you are able to create your own schedule. There is much more flexibility with working as a self-employed individual as opposed to working for a traditional employer. You were able to balance your personal life, family life and your work life much easier. If you have children at home, you are able to spend more time with them and watch them grow up. This is why many people prefer self-employment rather than working for someone. However, it is important that is you do choose to work self-employment, you must track everything and anything in order to maximize your earnings.
According to the NY Post, studies show that there will be more than 27 million people in America who will end up leaving their full time jobs from now through the year of 2020. The number of people choosing to be self-employed has been steadily been climbing and more and more people are quitting their standard full-time positions. The ability to work when you want and earn as much as you want whenever you want has been a great advantage to many people who have a busy lifestyle and need more flexibility in their lives. However, working as a self-employed individual does have its downfalls. There definitely are some disadvantages to working a self-employed position. You will have to work twice as hard than a standard W2 worker. You have to work longer hours, put in a significant amount of effort as well as the money that you earn is never guaranteed.
In addition, it is critical that you are making sure that you were tracking all of your business expenses. Everything that you are spending out of the pocket which includes: your gas money, your wear and tear on your vehicle, your expenses to perform your job and any other expenses that you have to spend towards your money making. You have to make sure that you are tracking everything in order to have detailed records for tax season. You do not want to end up paying hundreds and thousands of dollars in taxes when you should not be obligated to. If you need a way of better tracking your business expenses, you can conduct some research by looking up a business expense tracker app.
Being self-employed definitely has its rewards. You want to make sure that you are always on top of your records in order to prevent consequences from taking place towards tax season. If you are a full-time worker and interested in the self-employment field, consider doing your research first to make sure that it is right for you.