In this day and age, "work" has various meanings, depending on who is asked. Some people remain in the workforce as traditional employees, while others are self-employed. There are multiple forms of self-employment, but ultimately, self-employed individuals work for themselves, as opposed to working for another individual or corporation. A person who is self-employed may have various clients or customers, however, the success, or lack thereof, of their business ultimately depends upon them. Self-employment in an inherently risky venture, although few things worth having come with ease.
The Potential for Income Growth is Limitless
In most cases, individuals who work as employees generally receive paychecks. Upon being hired, there is usually an agreed upon salary or amount of hours to be worked. Employees generally stick to these hours and for the most part, the ability to significantly increase income from the aforementioned stream is difficult, if not impossible. Workers can ask for a raise, but there is no guarantee that an employer or boss will agree to it.
The game is completely different for self-employed individuals. Income surges are readily attainable, so long as the person at hand is willing to take the proper steps, market themselves accordingly, or offer new products or services. For instance, a freelance writer who wishes to increase her monthly income can do so by taking on various styles of writing, working with a wider network of clientele, or even increasing her current rates. Conversely, were that same freelancer working as an employee 40 hours per week with a set salary of $15.00/per hour, growing her earnings may be a more difficult feat.
When an individual works for someone else, their income is greatly dependent upon the person who employs them. However, when someone works for themselves, their earnings are determined by their quality of work, ability to market themselves, and make lucrative business decisions. While self-employment is not for everyone, those who are serious about growing their income may find this economic route to be beneficial.
The Options For Tax Deductions Are Plentiful
Most employees' taxes are automatically deducted from their paychecks prior to reception. While tax season may be easier for traditional workers, easier does not always mean economically fruitful. A
full list of self-employed tax deductions
can be found and read on Quickbooks; some of the most common deductions include marketing tools, home office expenses, meals with clients, wages paid to employees, etc.
In some cases, self-employed individuals may be able to write off so much that the government actually owes them money. That money can then be saved, invested, or otherwise used to grow one's business.
A Final Word Regarding Self-Employment
Success in the self-employment field takes work, dedication, and the willingness to work hard, never give up and continue growing one's business. In current times, every working individual should be striving to increase their economic capital. Living expenses are surging and financial emergencies can occur at any time. Opportunities to grow one's income and decrease owed taxes are two of the most productive ways self-employment has and continues to transform lives.
Authored by: Gabrielle Seunagal