TessMore Finance Blog

When you first become self-employed, things get real. There’s a lot to do, and the responsibility is all on you. The work has to be found, figured out, and done. You have to figure out the billing, and how — and when — you’re getting paid. There may be employees or subcontractors. The work of being in business piles on top of the work of the business. And to top it all off, you have the issue of taxes. Taxes are an issue for everyone; more so for the self-employed. A self-employed individual will need to deal with income taxes (federal and possibly state), self-employment tax, and possibly employment or excise taxes. You may need an employer identification number (EIN). It’s a lot. As with many financial matters, there’s a lot to it, but it doesn’t need to be overwhelming. Let’s look at taxes for the self-employed, one piece at a time. Income Tax The self-employed will generally report the profit or loss from their self-employment activities on their 1040 Schedule C. This form is ...

As an investment, farmland has offered attractive historical investment returns with low volatility. It’s also become more alluring during inflationary times when stocks and bonds are more likely to struggle. Until a few years ago, it was difficult to invest directly in farms because of several entry barriers. The only option was to parcel the family farm to other farmers in the community or be wealthy enough to purchase a large farm tract.  These days, accredited investors can gain exposure to farming through AcreTrader and FarmTogether . These crowdfunded investment platforms make it easy for individuals to invest their dollars in farms across the United States. While either platform can add farmland investing to your investment portfolio, you may find one of the two to be a better fit for your investment strategy and budget. This AcreTrader vs. FarmTogether comparison highlights the vital differences between each platform and helps you choose the better service for your in...

Wondering what to do if traditional college isn’t for you? For many high school graduates, college may seem like a given. The story goes something like this: You’re supposed to graduate high school, go to college, get a degree, and get a job. This traditional path works well for some, but others may be left feeling like a square peg in a round hole.  If this sounds like you, don’t worry. There are plenty of options other than college that can lead to fulfilling career paths. Need some examples? Here are just a few alternatives to college worth considering (and what they pay). 1. Military Joining the military comes with many benefits. Not only can you serve your country, but you can also receive job training, tuition assistance, housing stipends, health insurance, and a steady paycheck.  Additionally, only 20–30 years of active duty is required to be eligible for retirement, which means you may be able to retire at 40 if you join at 20. Even better, you may not need previou...

As your overall net worth increases, you may be looking for greater diversification in your investments. If you have all of your money in the same type of investment, then if that investment loses money, it affects your entire net worth. Some people choose to diversify their investments by choosing different types of investments. Real estate has been a popular choice for investing, and there are many different ways to invest in real estate . One way to invest in real estate is AirBnB investing. AirBnB Investing vs. Conventional Renting If you’re wondering how AirBnB investing works, it shares a lot of similarities with conventional renting, but there are a few important differences. With both types of rental investing, you own the property and are renting it to one or more tenants. With a conventional rental, it is typical to rent for a year or more. On the other hand, it is not uncommon for an AirBnb tenant to stay in your place for a week or even shorter. That means you are likely ...

If you prefer to manage your own investments, the easiest way is through a discount broker, also called an online broker. You can buy and sell stocks, bonds, mutual funds, ETFs; you name it. There are several account options, and because you’re placing the trades, you benefit from low fees. The best discount brokers can provide free stock trades and have robust research capabilities. Several also offer fractional investing to avoid having uninvested cash. You can use these brokerages for long-term investments and avoid the frustrations of trendy investing apps. In this article, I share our list of the best discount brokerages and let you know what makes each one stand out. Table of Contents Best Discount Brokers Fidelity: Best Overall Interactive Brokers: Best for Advanced Traders Schwab: Best for Customer Service and Banking TD Ameritrade: Best For Charts and Education E*TRADE: Best For Options and Mobile App Investing Ally Invest: Best For Researching Stocks Merrill Edg...

When it comes to buying a home, most people are aware that they need to budget for a down payment on their mortgage. However, a down payment isn’t the only upfront cost you’ll have to fork over — you’ll also need to pay closing costs. To make sure you have enough cash to close the deal, use our closing costs calculator to estimate how much you might need to pay. With this estimate in mind, you can factor these costs into your budget and plan to save enough money to buy the house of your dreams. What Are Closing Costs? Simply put, closing costs are the various expenses that come with purchasing a home. These expenses are charged by your lender and title company for the following services they provide during the home buying process: Originating your mortgage /home loan. Transferring the property from seller to buyer. Typically, about three business days after applying for a loan, your lender will send you a Loan Estimate, which is a standardized form detailing your...