The bane of all freelancers is reporting estimated quarterly earnings (I just took the penalty instead) and paying around 1/3rd of your income towards social security. Terrifying stuff when you’re not making much already. I was always at least glad it went to a relatively good program.
When I was younger it pissed me off because folks repeated this myth about the US as good for entrepreneurs, but sole proprietors are basically left for dead. Insurance is impossible to pay and the deduction limit actively works against you. Don’t think that mentality exists much anymore.
I think it still does if you're talking about outside the US because the licensing requirements are much stricter. like tax reporting needs to be simplified for businesses here but you can also just start one at minimal cost and begin making money easier than you can in a lot of other countries
I’ve often heard the opposite, that some countries make it incredibly simple or even just automatic, and that the US is complicated by comparison, partially due to lobbying by tax prep companies. But most that knowledge related to taxes for a traditional job. Hadn’t thought about that otherwise.
There’s still not a lot going for a sole proprietorship here and most people would be way better off forming an LLC, which can be done cheaply depending on the state and your dedication. It’s still basically a sole proprietorship if you’re the only employee, but you get better legal protections.
the tax part is def easier elsewhere, but I meant the paperwork to actually start operating as a business. like in the US you can start doing business so fast you're fucked by not understanding the taxes (I see it way too often). outside the US many things require more paperwork before you can
Thanks for adding that, yeah I suppose I hadn’t considered/appreciated the lack of bureaucracy in the startup — at least for software, design, art, and many other goods.
Tell that to the people in Flint, Michigan. Probably gonna have a lot more water tables that are contaminated now that they are relaxing dumping regulations. Roads are okay, for now, until some chud calls them woke or DEI or feminist or something.
Be that as it may I am chaffing under the notion that I should be giddy and thankful to be paying taxes under THIS American Society, under THIS president? I am currently exploring my options for tax protest
I definitely agree with you. Under the current system, paying taxes is essentially allowing the wealthy to extract additional wealth from you because they just get that money through various rich guy shenanigans. I want to receive something for my taxes. Well, something good, not a fascist regime.
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taxes aren't the problem, elected governments are.