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Tax Mistakes Freelancers Should Avoid

There is no denying that freelancing is challenging. There is a never-ending supply of labor to do, from providing services to clients to managing your finances. While you attend to urgent business problems, items could occasionally go overlooked or put on the back burner. Taxes are one important issue that simply cannot be disregarded.

You will need to be aware of significant tax errors that could potentially bankrupt your company in your capacity as chief financial officer. Ideally, you'll enlist the assistance of a seasoned small business accountant who is knowledgeable with tax planning tactics for independent contractors. You must, however, have your ducks in a row in order to double- and triple-check their recommendations and advise.

These are the top tax errors that independent contractors should really avoid making.

Failure to pay self-employment tax
Failing to use an accounting system
Combining work and pleasure
Disregarding retirement funds
Ignoring the contributions to health care

There are tax advantages for small business owners who get insurance for themselves and their loved ones. Medical, dental, and in some situations, long-term health insurance premiums are eligible.

By include these premiums in your tax return, you can lower your adjusted gross income (AGI) and perhaps qualify for tax benefits. The only catch is that, as a result of the recent Tax Cuts and Jobs Act of 2017, you might now need to itemize deductions in order to benefit from this deduction at tax time.

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Things Your HSA Won't Tell You About

Health Savings Accounts (HSAs) are medical savings accounts that go along with health insurance plans with high deductibles and low premiums. The ability to save money that is exempt from federal and state taxes balances out the insurance policy's high deductible/low premium structure. The HSA funds can then be used for medical expenses recognized by the IRS.

You may be losing out on significant tax savings if you have an HSA but have solely used it to cover medical expenses. When you can use pretax monies, why pay taxed money for medical needs that the IRS has approved? Here are 11 things you can buy with your HSA.

Anti-allergy drugs
Arch Supports
Dressings and Band-Aids
Contraception
Books or Magazines in Braille
Lens Cleaning Solution
Guidance Animals
Remove lead-based paint
Mouth Protection
Spectacular eyewear
Specified eyewear

The generally healthy might save money on medical bills by opening a health savings account. Just keep in mind to include copies of your prescriptions and receipts with your tax returns as you make purchases using your HSA.

If the IRS decides to audit you, you will require them. Even if you followed the guidelines, you risk facing a fine if you can't demonstrate that the charges were HSA-approved expenses.

Does the travel insurance on your credit card sufficient?

Because they are given the opportunity to accept or deny it when they buy a flight or reserve a vacation package, people are aware that travel insurance is available. At the very least, many people are notified when they apply for a new credit card about the perks and advantages of their card, including travel insurance.

However, a lot of individuals are still unaware of how travel insurance actually functions. Few people comprehend if they should acquire travel insurance or when they actually need it due to the complexity of the product.

Travelers frequently have many inquiries as a result of this. What, for instance, is covered by travel insurance? Is the complimentary insurance that comes with your travel credit card actually sufficient to keep you safe? We spoke with some travel professionals who utilize travel insurance and provide advice on how to do the same in order to find out.

When is it appropriate to rely on travel insurance provided by a credit card?

So when is it acceptable to use the travel insurance provided by your credit card? There are some fundamental guidelines to abide by, even though a lot relies on your particular card, its restrictions, and the particulars of your trip.

Car rentals and checked baggage are two apparent situations when you may be able to rely exclusively on credit card protection, says travel expert Ariana Arghandewal of PointChaser.com. This is due to the fact that certain travel credit cards provide lost luggage and rental car insurance for cardholders.

After reading the terms and conditions of your credit card to validate the coverage you have, you should verify the limits to make sure the coverage is adequate. For instance, you might discover that your credit card gives $500 in maximum lost baggage insurance, which might not even be sufficient to replace your suitcase, let alone your valuables.

It can be worthwhile to check into purchasing a travel insurance policy with more robust coverage if the limits your credit card sets make you feel exposed.

What Sort of Auto Insurance Are Required for Uber Drivers?

Driving for Uber or Lyft is probably something you've thought about doing this year if you're looking for a way to earn additional money. After all, there aren't many prerequisites to enter, and you can set your own hours. You may apply to drive for Uber or Lyft and start working rather soon if you're over 21, have a recent car, and don't have any moving violations.

That doesn't mean this side business is risk-free though. Driving people around in your car has real-world financial repercussions if you get into an accident, unlike other ways to make extra money, like freelancing or taking on a formal part-time job.

What kind of coverage is required if you want to drive for Uber or Lyft? In most cases, if you get into an accident while driving for Uber or Lyft, your personal auto insurance coverage won't protect you. In fact, according to NerdWallet, your auto insurer might be tempted to cancel your coverage if they discover that you failed to mention that you are a ride-share driver.

Drivers can get some protection from Uber and Lyft.

In order to protect drivers when their personal insurance policies fall short of doing so, ride-share companies have started their own lines of insurance. That indicates that because it is secondary coverage, you must first submit a claim with your own insurer. Additionally, Lyft's insurance has a $2,500 deductible whereas Uber's is $1,000. But it still beats doing nothing.

Depending on where you are in the ride-sharing process, coverage levels will vary. If you work as an Uber driver, for instance, you will have varying amounts of coverage depending on whether you are waiting for a call, en route to pick up a rider, or driving with a rider in tow.

During the time you are awaiting a request

If you are in an accident and at fault, Uber will cover your liability to a third party while your app is activated and you are waiting for a ride request. A minimum of $50,000 in bodily injury liability per person and $100,000 in total liability per accident are covered. Additionally, each accident, you are liable for $25,000 in property damage, according to Uber. Comprehensive/collision coverage and compensation for harm brought on by uninsured drivers are excluded from this.

Consider purchasing additional insurance in those circumstances to close any gaps in your policy. Individual ride-share policies that cover drivers for firms like Uber or Lyft while they're on the job are now being offered by insurance companies like Allstate, Farmers, and Geico, although these policies aren't accessible in all areas. Commercial auto insurance is an alternative if your state doesn't allow you to purchase ride-share insurance, but regrettably, these policies are frequently prohibitively expensive ($3,000-$5,000, according to the website of Money magazine) for Uber or Lyft drivers attempting to make a profit.

Do Your Children Need Life Insurance?

My father was an insurance salesman before becoming a financial planner. Therefore, it was clear that Dad had some pretty strong views on insurance in general and life insurance in particular. He didn't hesitate to voice such thoughts to his daughter, who served as a captive audience.

Even though I heard Dad speak (and yell!) on a variety of money-related topics, his opinion on kid life insurance was the one that stayed with me the most.

He repeatedly warned me, "There is no reason whatsoever to ever buy such a product." "Life insurance replaces lost income. Children's policies are morbid.

Although Dad was eager to concede that his own superstitions about tempting your children's fate added to his dislike for the goods, he was also ready to admit that part of his resistance to life insurance for kids derived from the exploitative methods you can discover among dishonest insurance salespeople.

Even though my dear old Dad was generally right, I have learned to respect children's life insurance much more than he did. Here are some strong reasons to think twice before buying your child life insurance.

It's up to you if you decide to purchase life insurance for your children.

My two sons are still uninsured despite my about-face on child life insurance. My father's superstition about tempting fate has persisted with me, and my husband and I are fortunate to be in a financial position where we could absorb the financial costs if something bad should happen. My main worry is that one of my children will get a diagnosis that disqualifies them from future insurance coverage. However, we have made the decision to accept that risk.

All parents should carefully consider the repercussions of either purchasing or not purchasing life insurance for their children. Though unpleasant, it is a necessary train of thought. Whatever you decide, making a well-informed choice will help you do what's best for your family.

'Not typing enough' led to a woman's 18-year firing from her employment.

Suzie Cheikho, a female consultant with Insurance Australia Group (IAG) with an 18-year career, was fired in February of this year for not typing enough while working remotely, according to The New York Post. Keystroke technology had been utilized by the business to track her performance while working from home.

Her "unfair" dismissal application was also denied by Australia's Fair Work Commission (FWC), which asserted that she was sacked for a "valid reason of misconduct," according to the New York Post.

According to the New York Post, Cheikho worked as a consultant for the insurance firm and was in charge of producing insurance documents, adhering to deadlines set by regulations, and ensuring "work from home compliance." Ironically, her own performance when working from home was deemed insufficient.

She had "very low keystroke activity" for the 49 days between October and December when the corporation employed keystroke technology to monitor her activity. The business discovered that Cheikho

She arrived at work late on 47 days, left early on 29 days, and missed 44 days of her scheduled hours of work. Additionally, it was found that she worked 0 hours on 4 days.

Over the course of 49 days, the female consultant averaged 54 strokes per hour. It was discovered throughout the survey that "she was not presenting for work and performing work as required."

Cheikho reportedly attended a Microsoft Teams meeting with her manager to discuss her performance while writing the word "F—k" across her palm, according to the New York Post.

In November 2022, Cheikho was issued a formal warning on her performance and placed on a performance improvement plan.

Cheikho was finally let go by her employer in February for missing deadlines and meetings, disappearing without a trace, and failing to finish a work that resulted in a fine from the industry regulator.

She filed an unfair dismissal complaint against the IAG, but the Fair Work Commission (FWC) later dismissed it. According to FWC's ruling, she was let go for "valid reason of misconduct."

Looking for the ideal car insurance plan? Here is a list of crucial factors to take into account.

It's critical to be aware of the most recent developments in the field of auto insurance before making the big purchase of your dream car. A few of these features can lower your insurance costs while improving coverage.

For your car's protection, choosing the correct auto insurance policy is crucial. Since the insurance market is dynamic and always changing, it's crucial to stay informed about the most recent developments and improvements before making a purchase. It's critical to stay current in order to take advantage of new features that could lower your insurance cost and improve coverage. To ensure you choose wisely and get the most for your money, there are a number of new factors to consider when choosing a car insurance coverage.

Using telematics, you may insure your car.

General insurance providers may now offer telematics-based auto insurance coverages including "Pay as You Drive" and "Pay How You Drive" according to approval from India's Insurance Regulatory and Development Authority (IRDAI). These cutting-edge choices fall under the category of own damage auto insurance and make use of cutting-edge technology to determine your rate based on your driving style.

Pay As You Drive: In the past, insurance rates were the same for automobiles with high and low mileage. However, customers can now pay a premium based on their actual consumption thanks to "pay as you drive" regulations. The usage-based insurance model encourages equity and rewards safe driving practices. Longer driving distances will result in higher premiums, whereas shorter driving distances will result in reduced premiums.

Pay How You Drive: This feature considers your driving habits and mannerisms. Insurance companies examine variables like speed, acceleration, braking, and observance of traffic laws. In comparison to safer drivers with spotless records, risky drivers with a history of fines and accidents will be assessed a higher premium. This tailored strategy offers rewards for preserving a clean driving record and encourages people to adopt safe driving habits.

In conclusion, selecting an appropriate car insurance coverage necessitates keeping up with changes to insurance policies. With the advent of telematics-based motor insurance policies like "Pay as You Drive" and "Pay How You Drive," usage-based rates that support fairness and promote safe driving behaviors are now available. Furthermore, owners of several vehicles have a practical choice in the floater policy. You may select a car insurance policy that offers comprehensive coverage, meets your needs, and gives you peace of mind while driving by taking into account these new factors, carefully comparing policies, and placing an emphasis on safe driving habits.