Self-Employment Statistics

2018 Self-Employment Statistics In The US

According to recent federal self-employment statistics nearly 27 million Americans will leave their full-time jobs from 2017-2020, bringing the total number of self-employed individuals to 42,000,000 in the U.S. alone.

Why is this statistic so amazing?

Well, for starters, it means that of an American workforce of just over 126 million full-time workers, a whopping 33% can be considered self-employed. Whether they drive for Uber or Lyft, sell real estate, go into law, or tax preparation – they’re self-employed and in business for themselves.

That’s a lot of people striking out on their own!

So, why do they do it? What compels someone to leave the comfort of their 9-5 to hang up a shingle of their very own and go into business for themselves? Continue Reading

Everlance + TaxAct: Bridging the gap between Freelancers and Tax Pros

Last updated on June 5th, 2018 at 09:00 pm

As the 2018 tax season concludes, we’re excited to report on the progress of a successful partnership with TaxAct Pro Advance we launched for the year.

Filing annual taxes is a painful enough process for ordinary workers, but the process is even more painful for freelancers. Generally speaking, taxes for independent workers (1099) are far more complicated than those of an employee (W2), and keeping track of all of the possible business deductions can seem like a daunting task.

Due to these additional complexities freelancers can really benefit from working with a tax professional. To make it easier for freelancers to work with tax professionals, we launched a partnership with TaxAct, which has been a great partner both to our users and to us as a company.

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Taxes for Self-Employed Individuals

As a self-employed individual, you are responsible for paying taxes on your income. Unlike employees, taxes aren’t automatically taken out of your payments. Instead, you are responsible for setting aside money for your taxes and then paying the IRS.

 

How much will I have to pay?

This depends on many factors, but as a general rule of them, we recommend putting aside at least the following percentages, depending on your income level.

Your Annual Income Your Tax Rate Estimate
< $25K 20-25%
$25K-$50K 30-35%
$50K-$75K 35-40%
$75K-$100K 40-45%
> $100K >45%

 

You can significantly reduce your taxes by claiming business deductions, like mileage and other business expenses. Everlance can track and help you maximize those deductions. Continue Reading

Everlance Teams For Construction Workers: Mileage Tracking & Expenses

Mileage Tracking For Construction Workers

Construction Worker Hard HatsYou’ve been running back-and-forth from the job site all day and the last thing you want to do is sit in your truck and write down your mileage for the day. 

…Every. Single. Day.

Unfortunately if you’re still using mileage log books then you have no choice. Mileage needs to be logged and the entire manual process is your responsibility. As is collecting receipts and turning in all of the paperwork on time to make sure you’re reimbursed or that you’re staying on top of your tax deductible mileage for the year.

If you’ve read our piece on mileage log books you’d know that we understand exactly how you feel – mileage logs are outdated. The good news is mileage tracking apps like Everlance can help solve this problem completely. Continue Reading