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Whether part of the new gig economy or the fulfillment of a lifelong dream, you've made it: you are your own boss. And with the great power of self-employment, comes the even greater responsibility of handling everything from taxes and insurance to retirement plans and lawsuits.
So how do you know which issues you'll need to tackle and how to tackle them? Here's a quick list of the five best legal tips if you're self-employed:
This article provides info on how to get an employer identification number as well as how to navigate the health insurance marketplace. It's your need-to-know legal guide to self-employment, from taxes to benefits and everything in between.
Did you check with your local zoning ordinances or home owners' association covenants before opening up shop in your den or garage? Do you have the right insurance coverage for both your home and business? Find out all the i's you need to dot and t's you need to cross.
If you're self-employed, your house may be especially vulnerable in a lawsuit filed against your business, especially if you work from home. But you can protect your home under certain state homestead laws and the right corporate structure.
The big concern (especially this time of year) is how self-employment and working from home will affect your tax liability. While you may have some additional home office deductions, you'll also have the added burden of maintaining records and expense reports yourself.
Short answer: yes. Read more for the long answer and how to figure out which plan is right for you.
And just because you're self-employed doesn't mean you need to go it alone -- an experienced business and commercial attorney can help.
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