https://www.youtube.com/watch?v=xY_SS-GpECA
28 Jun 2025
A guide to managing taxes and retirement as a self-employed person. You'll learn about quarterly tax payments, which retirement accounts work best for solo income, and what records to keep.
A guide to managing taxes and retirement as a self-employed person. You'll learn about quarterly tax payments, which retirement accounts work best for solo income, and what records to keep.
Well congratulations for being self employed. Hopefully it wasn't forced on you. It was by choice. You changed your tax game when you became self employed. You'll pay two levels of tax. Self employment tax which is a replacement for Social Security tax and income tax. But what I would do as a self employed is I would put away 25 to 30% for taxes in a separate account just so you're covered. You don't have to do that as an employee because they withhold it from your check. Second, what about retirement? You asked about retirement. You have access to retirement plans but now they're self funded. You can use an IRA which the max is $7,000 or $8,000 depending on if you're 50 or over. You can do a SAP IRA if you're self employed and it's just you, you can do a solo 401k. You need a separate bank account, you need a separate credit card. But the biggest thing is one record keeping. Two is making sure you're putting 25 to 30% aside for income taxes without question.
