The Blog Of TL Wall Accounting

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5 More Things To Know About Self Employment

Two years ago we wrote a post titled 5 Things To Know About Self Employment. It covered some pretty good ground, but there’s so many more things that we can share which will help you if you’re not already working on your own and are thinking about exploring it. As with everything else in life, some of it’s good, some of it’s scary. Let’s take a look at 5 more things regarding self employment.

self employment

1. You need to plan for the possibility of making a lot of money. One client of ours spent the first few years basically floundering; he wasn’t a client at that time. Then he struck virtual gold and over the next two years he made more than $350,000 total; sounds great, right?
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5 Things You Need To Know About Debt

The topic of debt is one that a lot of people want to run away from. The problem with debt is that you can’t hide from it. You can let it bring you down or you can address it.

debt

We believe in addressing debt and fear of debt. We also believe there’s a large range of issues concerning debt that most people never think about. With that said, here are XX things you need to know about debt.
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7 Small Business Ideas For A Successful New Year

We’re about to head into the new year, and if you’re self employed or a partner with someone else, I assume your goals are to grow in the new year.


With that being considered, there are steps you need to take to help you be successful. After all, almost no one ends up becoming a success without a goal, plan or tools to get there. Here are some ideas for you to maximize your performance.
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You Must Eliminate Fear To Be Successful Managing Your Money

The thing I see more often than anything else is the fear in people’s eyes when they don’t want to know the truth about their finances. The problem with that is twofold. One, sometimes things are actually good. Two, not knowing means you can’t do anything about it.


The reason most people won’t put together a budget isn’t because they’re confident in their ability to pay their bills. It’s fear of the unknown, that they may be on the cusp of serious money issues they’re not ready to deal with. Yet, overwhelmingly people are able to pay all of their bills and still have money left over. Sure, they might have to change up their spending patterns and learn how to use coupons to help their money go further when necessary but it’s more of a comfort to know they’re not in debt and are potentially right around the corner of fiscal relief.
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IRS Tax Information for 2018

Suffice it to say, 2018 might become in interestingly confusing tax year, as the federal government is presently looking at making a lot of changes… if Congress ends up passing most of it. With that said, there’s a lot of tax information we presently have that’s going into effect at the beginning of the year. Our disclaimer is that some of these things might change during 2018, including health care taxes. The best we can do is share with you some of what we know right now.

For instance, the highest tax rate for those making more than $480,050 a year is currently 39.6%. That rate remains steady, but it’s possible with the new bill that it’ll come down. The flat tax rate is $134,244, which means if you make a million dollars in one year you’ll be paying around $340K to the federal government.
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