When you’re a W-2 employee, retirement and health insurance are often handled for you. As a creator? You’re on your own. But there are perks. You can open a SEP IRA, SIMPLE IRA, or Solo 401(k). The Solo 401(k) is a favorite because you can contribute as both employer and employee — up to $69,000 in 2024 (or $76,500 if you’re 50+). That’s a huge tax shelter. Health insurance premiums? If you’re self-employed and not eligible for employer coverage, you might deduct them. It’s not a business expense, but an…
Read MoreTax and Accounting Implications of the Creator Economy and Digital Products
