Our very own Joshua Waldman had his article published in Forbes last May 23, 2017. Below is the excerpt:
In 2017, thousands of boomer employees will transition to self-employed work, finally pursuing their creative, backburner passions full-time. Trouble is, they’re often not versed in how to handle their finances as entrepreneurs.
Many don’t know about the tax deductions and credits they’re now entitled to claim as self-employed people — ones they couldn’t take as employees. Some know they can take the write-offs, but aren’t sure how to document them for the Internal Revenue Service (IRS). So they don’t put these tax breaks on their tax returns, leaving thousands of dollars on the table.
This mistake also increases their chances of tanking their pursuit, because it becomes costlier than necessary.
Just ask Mark Samson, an Intel circuit designer for 20+ years who transitioned to owning a photography studio in Portland, Ore. “I felt like the whole support I had as an employee was just pulled out from under me. How did I figure out pricing, keep receipts, account for overhead, bring in clients, network? It was overwhelming,” says Samson.
Entrepreneurs like Samson who stick it out often make due by creating excel spreadsheets of their expenses and relying on their accountants for any possible deductions.