Complete Guide
Independent work gives you flexibility — but it also puts every financial decision on your plate. This guide covers the ten most important concepts: separating your income streams, understanding self-employment tax, filing Schedule C correctly, paying quarterly estimates on time, claiming the deductions you've earned, forming your business the right way, and building a retirement strategy that also cuts this year's bill. Work through these in order or jump to what you need most.
In this guide
- 01Hybrid5 min read
1099 vs. W-2 Income: How to Track Both Without Mixing Them Up
Understand the real tax difference between your W-2 and 1099 income before anything else.
- 02Taxes7 min readSUNY+
Self-Employment Tax Explained: Where Your 15.3% Goes
See exactly what self-employment tax is, how it's calculated, and why it surprises most people.
- 031099 Basics5 min read
The Schedule C Demystified
Schedule C is the IRS form where your 1099 business profit — and your deductions — are officially reported. Here is what every line means.
- 041099 Basics5 min read
Quarterly Estimated Taxes: Who Pays and When
The IRS expects self-employed workers to pay taxes four times a year. This explains who owes, how much, and the exact due dates.
- 05Deductions6 min readSUNY+
Home Office Deduction 2026: Do You Actually Qualify?
Claim the home office deduction correctly — what qualifies and what the IRS actually checks.
- 061099 Basics5 min readSUNY+
How Much to Set Aside for 1099 Taxes (The Real Formula)
The real formula for how much to hold back from every 1099 payment so April never surprises you.
- 07Business Structure7 min readSUNY+
EIN, Operating Agreement, Bank Account: Your First 3 LLC Moves
Three moves that turn a side hustle into a legitimate business: get an EIN, draft an operating agreement, and open a dedicated bank account.
- 08Safety Net7 min readSUNY+
SEP-IRA vs. Solo 401(k): Which Wins for the Self-Employed
Compare the two most powerful retirement accounts available to the self-employed.
- 09Safety Net6 min readSUNY+
How SEP-IRA Contributions Can Reduce Your Income Tax
How a SEP-IRA contribution reduces your income tax bill — with a real dollar example.
- 10Safety Net7 min readSUNY+
Health Insurance for the Self-Employed
Your real options for health coverage when no employer plan is on the table.
Track it all in SUNY
Income, expenses, mileage, and quarterly taxes — organized in one place so your numbers are always ready.
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