Being self employed is really great for the most part. You are free to work where you want and when you want without needing to report your comings and goings to anyone but yourself. If really is the good life to have such control over both your home and your work life.

And speaking of work life you are able to do all the work your business requires yourself (depending on what it is that you do.) you may hire however many people that you choose and also fire anyone that you want to fire.

Ok with being in 100% control of your earnings, having the ability to hire and fire at will and having a flexible work and home life schedule what could really be wrong with being self employed? There is something that can be viewed as a downside to being self employed and that would be taxes.

Many self employed people view tax time as a huge headache. Now if you are working for a brick and mortar employer you will automatically have your Medicare and Social Security taxes removed from your paycheck this is not the case for the self employed. When you are self employed you are required to pay a self employment tax which is basically a self employed person’s way of paying their Medicare and Social Security taxes.

Now while there are a great number of self employed people that a spot on with their record keeping and have no trouble once tax time rolls around there are others that absolutely hate having to deal with their taxes each year.

If you want to have a easy time when tax season is upon you and you are self employed then you need to keep excellent track of your records and any receipts while also trying to keep track of what is deductible for your business (which can decrease the amount of money you will have to pay in).

However even when you consider all the work that goes into being a self employed person isn’t it worth it for all the freedom you will gain?

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