The SEP-IRA and the Solo 401(k) are the two most powerful retirement accounts available to self-employed Americans. Both offer significantly higher contribution limits than standard employee retirement accounts, both provide immediate tax deductions on contributions, and both allow your money to grow tax-deferred until retirement. But they work differently in important ways, and choosing the…
One of the most significant financial advantages of being self-employed in the United States is access to retirement accounts with dramatically higher contribution limits than what standard employees can use. While a traditional employee is limited to $23,000 per year in a 401(k) contribution, a self-employed individual with the right structure can shelter $69,000 or…
When you leave an employer to go freelance, one of your first urgent decisions is what to do about health insurance. COBRA (the Consolidated Omnibus Budget Reconciliation Act) gives you the right to continue your employer-sponsored health coverage for up to 18 months. It is often the path of least resistance, but it comes with…
Health insurance for freelancers gets all the attention, but dental and vision coverage are equally important and often overlooked. Unlike medical insurance, dental and vision plans are not included in standard ACA Marketplace plans and must be purchased separately. Understanding your options and whether standalone coverage makes financial sense is key. Are Dental and Vision…
A Health Savings Account (HSA) is one of the most tax-advantaged accounts available to Americans, and freelancers who use an HSA-eligible health plan are uniquely positioned to take full advantage of it. The triple tax benefit — deductible contributions, tax-free growth, and tax-free withdrawals for medical expenses — makes an HSA more tax-efficient than even…
For freelancers over 50, health insurance becomes one of the largest budget items you will face. ACA-compliant plans allow insurers to charge older adults up to three times more than younger adults for the same plan, meaning a plan that costs $400 per month for a 35-year-old can cost $1,000 to $1,200 per month for…
When shopping for health insurance as a freelancer, you will encounter two primary markets: the ACA (Affordable Care Act) Marketplace and the private individual health insurance market. Understanding the key differences between these two options is essential for making the right choice for your health and your budget. What Is the ACA Marketplace? The ACA…
Health insurance is arguably the single most stressful financial challenge freelancers face in the United States. Without an employer to cover most of the premium, the full cost of insurance falls on you. But the options available to self-employed Americans in 2026 are broader and more flexible than ever, and with the right strategy, you…
If you use your personal vehicle for business purposes as a freelancer, you may be entitled to a significant tax deduction. The IRS allows self-employed individuals to deduct the cost of business-related driving either at the standard mileage rate or based on actual vehicle expenses. For many freelancers, mileage is one of the most overlooked…
Health insurance is one of the largest expenses for self-employed Americans. The good news is that the IRS allows self-employed individuals to deduct 100 percent of health insurance premiums paid for themselves, their spouse, and their dependents. This deduction is particularly valuable because it reduces your adjusted gross income directly, regardless of whether you itemize…
