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This is the last post of 2018. 2018 was splendid year, and I thank everyone for their continued support. 2019 is looking to be a busy year from a professional standpoint with several projects in the works in addition to my travel schedule. One of my main goals in 2019, however, is to get back on my writing (and reading) horse. I know the last two years have been a bit dearth (comparatively speaking) with the total number of posts and articles I’ve published. Who knew having a kid was so time consuming? Nevertheless, my hope is that the upcoming year will be a fruitful one in terms of my writing prowess. Stay tuned….. Best Articles of 2018: Exercises You Should Be DoingAnchored KB RowTransverse Landmine SnatchBench Assisted ValSlide RDL w/ ReachBand Resisted KB DeadliftT-Spine Rotation w/ Lift OffDid what you just read make your day? Ruin it? Either way, you should share it with your friends and/or comment below.via Blog – Tony Gentilcore http://tonygentilcore.com/2018/12/best-articles-2018-exercises/
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This is a post from a member of the Freelancers Union community. If you’re interested in sharing your expertise, your story, or some advice you think will help a fellow freelancer out, feel free to send your blog post to us here. While talking to a client recently, I was reminded of how things are rarely as they seem. My client, a graphic design studio owner who I’ll call Amanda, was telling me how she felt inadequate – that she wasn’t doing enough and didn’t feel like she had it all together. We all feel this from time to time, so it wasn’t surprising to hear it from this woman who has a lot together and is asking the right questions about the future of her business. I tried to be supportive and reassuring while she told me about what she struggled with. That is until Amanda started comparing herself to a competitor who she felt was “doing everything right” and “had it all figured out.” Whoa. “Stop right there,” I said. “What makes you think that she has it all figured out?” Amanda told me how this competitor started her business around the same time that Amanda started hers, so she’d been checking in on her progress every once in a while. And based on the competitor’s website, content, and appearances, Amanda was convinced that the competitor is immensely profitable and very sure of what she was doing. Perhaps those assumptions are correct. But from my experience, they rarely are. Fake it ‘til you make itEven when I owned a full-service marketing firm, we were faking it until we made it in several areas on any given day. Yes, we had expertise, and we knew what we were doing in the core areas of our business. But as we experimented with new services and markets, we often learned and figured things out as we went. There is nothing wrong with this. As long as we know more than our clients and can genuinely add value when engaging with them, it’s ok – and sometimes essential – for us to be willing to experiment. The nature of marketing, digital communications, design, etc. is that it’s continually changing. Anyone who tells you they know everything or is an expert in most things is lying for this reason alone. Don’t be so quick to assumeWhen I was running my last company, my business partner and I reached out to the owner of a peer agency who we admired greatly. Let’s call him Mike. Mike’s agency did a lot of things very well, but they seemed to have a particular knack for hiring and retaining employees, so we asked to pick the agency owner’s brain about what worked for him. He generously shared a lot of information about how he finds, develops, and incentivizes his staff. One of the things that I recall most vividly about that conversation has nothing to do with the topic of the call. As we began speaking, we told Mike how we enjoyed the resources and content his agency shared, and how much we admired how he was doing so well and seemed to have it all figured out. He stopped us immediately, saying, “It’s reassuring to hear that because it’s a struggle every day. It took a long time to figure out our focus and I’m still unsure of it.” We were shockedHe went on to say that it had taken a few years to settle into their focus and that he was only then starting to see revenue reflect the fruits of that labor and investment. This wasn’t the first or only time that I assumed something about a competitor or peer only to find out that their branding and marketing were more aspirational than reflective of current reality. In my work as a strategic planner, brand architect, and marketer, I also see this on the client side. Let’s start projecting realityA lot of us do an excellent job of projecting what we want people to see. We need to project expertise, confidence, focus, planning. But it’s a journey for every business. I’ve been thinking about how, as people who do marketing communications for a living, we do each other a disservice by projecting that we have it all together all of the time. Perhaps all entrepreneurs do. Sure, our clients and customers need to feel that they’re buying expertise. And if you’re faking everything all of the time, you shouldn’t be in this business. But if you are truly adding value while simultaneously constantly learning and struggling with how best to focus and position your work, you’re not alone. Stop obsessing. Start reaching out.So, how can we learn from each other as we navigate the same waters? I recommended that Amanda befriend the competitor. Ask to have a call or coffee with her. See if she’s interested in talking every few months, or whether she wants an accountability partner. These are some strategies that have worked for me and formed strong partnerships that not only provided me tremendous insight and perspective but also allowed me to share my knowledge and insight to help others. There’s enough work to go around. How do you find the middle ground? We need to project expertise to our perspective (and current) clients. But in doing so, do we create a bar that is just too high? Anne Boyle is an independent strategy and marketing consultant who helps marketing agencies, graphic designers, and other creative communicators expand their capacity to win better business with clients committed to sustainability and social good. Agencies work with her to add to their capabilities Anne’s decades of experience in strategy, branding, marketing research and marketing planning, campaign development, and content creation. Read more articles and learn more about what Anne can do for you at https://anneboyle.co via Freelancers Union Blog https://blog.freelancersunion.org/2018/12/31/how-to-avoid-the-competitor-comparison-trap/
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I’m very fortunate that number of quality coaches reach out and offer to submit articles for this site. Granted they have to promise to name their first born after me AND send me a bowl of yellow only M&Ms, but that’s a small price to pay for internet fame. Thanks to everyone who pinch-wrote for me in 2018 and gave my fingers a brief reprieve. I’m looking forward to seeing what’s sent my way in 2019…. Best Articles of 2018: Guest PostsMy Top Shoulder Training Tips – Dr. Nicholas LicameliThis was a two-part article that Nicholas wrote back in January and it’s excellent. Part I – HERE Part II – HERE 5 Exercises to Help You Perform More Pull-Ups Without Doing Pull-Ups – Meghan CallawayThere aren’t many coaches I trust more to discuss anything pull-up related than Meghan. 8 Plank Variations That Don’t Suck – Michael AndersonFYI: The plank pictured above sucks. Tuning Tension: Getting the Most From Your Muscle – Noah HarrisonI listened to Noah speak in person on this topic and was transfixed by what he had to say. A conversation we had after the fact led to him writing this post for my site. Ladies: Here’s Why You’re Not Getting Stronger – Lana SovaLOVED this line from Lana: Less cardio and more Cardi B….;o) Did what you just read make your day? Ruin it? Either way, you should share it with your friends and/or comment below.via Blog – Tony Gentilcore http://tonygentilcore.com/2018/12/best-articles-2018-guest-posts/
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This is a post from a member of the Freelancers Union community. If you’re interested in sharing your expertise, your story, or some advice you think will help a fellow freelancer out, feel free to send your blog post to us here. The word ‘freelance’ originates in the 12th and 14th centuries when hired soldiers were crucial for military campaigns. Over generations, the word has morphed into a noun that illustrates a lifestyle for 57 million people in the US (Freelancers Union 2018). Projections show that by 2020 43% of the U.S. workforce will be freelancers. Freelancing has huge advantages including the ability to set your own work schedule (forget the cliché 9-5), control your workload and work relationships, and avoid commuting times. This generation also has the benefit of utilizing technologies like Slack and Trello. Freelancing has evolved into a less-traditional ‘remote work’ classification where 47% of millennial workers fall into place. I have spent the last year traveling around the world with a program called Remote Year. If you have a ‘remote job’, apply, and are accepted, you have the chance to live in a different city each month for 12 months. With the $2,000 monthly payment, Remote Year sorts out where you will live (usually Airbnb-esque apartments), a co-working space, and major transport from city to city. It’s a deal and really allowed me to embrace my job as an entrepreneurial business owner of a digital marketing company for businesses doing “good” for the planet. In each place I’ve lived, from Marrakech to Prague, Cape Town, and Buenos Aires, a whole new set of challenges and culture has been provided. In an effort to maintain some sort of consistency, I’ve pulled together a list of 5 tips for fellow traveling entrepreneurs: Don’t be afraid to spend money… in order to make moneySpending additional money to attend trade shows/conferences comes up most frequently for me. When you’re already out of town, it’s tough to justify spending even more for a new plane ticket and then the show, itself. But if you look at the place you’re in as a launchpad for a whole new region of business opportunities, the spend makes more sense. If you are able to get five leads from a conference and land two, you’re looking at profiting off that conference, and making connections in a whole new part of the world. Let’s also say you do really well with those two clients and they refer you to two more, then you just doubled, tripled, and quadrupled your initial investment and begin making a name for yourself in a place outside of the US. When you’re working as a digital nomad, it’s important to make sure you have all your stuff together. That means organizing client work, invoicing, expense records, contracts, and accounting. There are so many tools out there that can help simplify these tasks and allow for more freedom to travel independently. AndCo is a great accounting software that manages everything from invoices to proposals and expenses. I also use Slack frequently with clients to exchange documents and chat simultaneously. With Remote Year, we also use Slack to coordinate side trips and tap into local resources in each country. Travel to warm countriesThis one is really simple because the sun is always beneficial. But when you think about it, as a traveler who also needs to carry computers and any crucial hardware, the weight of your clothes plays a huge role in travel budget. Winter clothing is heavy ($150 overweight baggage fees are no fun), take up a lot of space, and costs a lot of money. Stay in warm countries and minimize how much you need to be carrying (and overall wellbeing!). Tax advantage of the tax benefits (!)This one is huge. If you’re outside of the USA for 330 out of 365 days in the year, you can qualify for the Foreign Earned Income Exemption (talk to a tax professional to see if your situation applies). This income exemption covers your first 101.5K. If you were to make $101,500 – you’d be paying $26,246 in taxes. That’s a lot of money to be saving. There are expat tax experts online who can really help with the filing process. Be prepared for the inevitable logistical nightmaresShaky Wi-Fi and lack of privacy for client calls came up frequently while traveling this year. Coordinating calls using three different time zones, alone, is nightmarish. Investing in a mobile hotspot can be very useful when you’re, for example, exploring the Sahara Desert. Universal adaptor plugs, a powerful external charger pack, and noise canceling headphones are all tech gadgets that come in extremely handy when you’re facing a remote work headache. According to the Freelancing in America study, 71% of freelancers say that the amount of work they obtained online has significantly increased in the last year. With that increase comes an even more exciting opportunity for the remote workforce: a nomadic lifestyle. More programs like WeRoam, Remote Year, Hacker Paradise, and WiFi Tribe are emerging to provide remote workers with all the tools necessary to not only work, but to see the world. Are digital nomads the future or a passing trend? It’s tough to say but as more millennial join the remote work space, the answer is becoming clearer. The world of work is changing on a global level and digital nomads and entrepreneurs are building a fresh support system throughout the world to make sure entrepreneurs are able to thrive. John Lim is a 24-year-old entrepreneur and full-time remote worker. He founded his company, Ansel, with a mission to help positive-impact companies grow its brand through marketing and advertisement strategy. Prior to Ansel, John moved to South Korea to teach English and “figure things out.” From there, he applied to and was accepted to travel with Remote Year. From 2017-2018, John has been (and continues to be) a “digital nomad.” By the end of Summer 2018, he was able to pay off over $40,000 in college debt from Swarthmore College. John strives to show young entrepreneurs that it is more than possible to succeed professionally while traveling. Homebase right now is Europe, primarily Prague, and plans to continue exploring. Follow John on Instagram here. via Freelancers Union Blog https://blog.freelancersunion.org/2018/12/28/5-tips-for-becoming-a-successful-digital-nomad/
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This is a post from a member of the Freelancers Union community. If you’re interested in sharing your expertise, your story, or some advice you think will help a fellow freelancer out, feel free to send your blog post to us here. It’s December already, which means the time remaining for all of those things you’ve been meaning to get done by the end of the year is rapidly dwindling. If you haven’t made a contribution yet to your retirement savings in 2018, one of those end-of-the-year tasks should be setting aside part of this year’s income for yourself – that is, the future version of yourself. Whether or not you already have any retirement savings, you can improve your future financial security, while potentially saving some money on taxes today, by opening or contributing to a retirement account. The most common questions freelancers ask me about saving for retirement are “how much should I save?” and “where should I put it?”. That’s because unlike traditional employees who have a plan set up by their employers to automatically deduct a portion of their salary, freelancers are completely on their own in making this decision. I spend a lot of time with my clients on the question of how much to save, but truthfully the answer is almost always “as much as you can”. Even if you don’t plan to ever fully retire, having that cushion will make it easier to keep doing what matters to you. Would you rather wake up on some distant morning realizing that you have more than enough money to do what you want for the rest of your life? Or else find that out you want to make a change but can’t afford to depart from the status quo? The difference between those two scenarios happens in the decisions you make today. The question of where to put those savings is a little more technical, but it’s important to understand your options if you want to maximize your retirement savings. The rest of this post is about the strategy I use with my clients to decide how to start saving for retirement. I’ll start by saying that, as with anything that affects your taxes, it helps to talk to an expert. A tax professional who knows your situation will be able to help guide you to the type of account that’s best for you. The level-up strategyThe biggest factor in deciding between different types of retirement accounts should be the amount of money you plan to contribute. The IRS makes it possible to defer taxes on a fairly large chunk of your income by saving it into several types of retirement accounts. Different types of accounts have different limits on the contributions you can make. It’s important to know before you open an account how much you can contribute to it each year and how that fits with your saving plan. I often advocate a strategy for my freelance clients that allows them to maximize their savings potential by viewing the different types of retirement accounts as levels. As in the video game kind. You start at Level 1 when you’re early on in your career and can only afford to save a little; you reach Level 2 when you’ve mastered your early savings and can afford to save a little more; and you make it to Level 3 when you’re ready to put away some really serious savings. This simple approach makes it easy to decide what retirement account you should contribute to this year. Level 1: the plucky IRAIf the great Nintendo game Punch-Out!! was about saving for retirement (and don’t we all wish it was), contributing to an IRA would be Glass Joe: easily knocked out with little more than a push of a button. Anyone can open an IRA, and while there are income-based limits to how much you can deduct, just about everybody can fund an IRA up to its limit of $5,500 in 2018 (this is increased to $6,500 if you’re age 50 or older, and both of these numbers will increase by $500 in 2019). There are two types of IRAs: traditional and Roth. The traditional IRA allows you to take a tax deduction for your contribution in the year that you make it, while the money that you take out of it when you retire is taxable income. Roth IRAs flip that around: you can’t take a tax deduction when you contribute to it, but your savings are tax-free when you withdraw them after retirement. Choosing between the two is a longer discussion than this post allows, but in general, if your income is low and you’re in a low tax bracket, a Roth is a better idea; if your income and tax rate is higher, you may want to try a traditional. If you can afford to save a few thousand dollars or less each year, an IRA is the simplest plan to open and administer. For freelancers with moderate incomes and no other retirement savings, the contribution rules are straightforward and there are no reporting rules aside from noting the contribution on your personal tax return. What’s more, you have until the tax filing deadline to open and contribute to your IRA, meaning that you can make a 2018 contribution any time up to April 15, 2019. Level 2: the stepping-stone SEPReady to save more than the maximum IRA contribution? Congratulations, you’ve made it to Level 2! As a freelancer you may not think you work for anyone, but in the eyes of the IRS you do have an employer: you. A SEP (short for simplified employee pension) is a type of retirement plan popular with small businesses. It works like this: the employer (that’s you!) contributes each year to an IRA for each of its employees (that’s also you!). From the IRS’s standpoint, when you make a normal IRA contribution you do so as an individual, whereas when you make a SEP contribution you do so as a business owner. So what’s the difference? For one thing, you can contribute to a SEP in addition to a normal IRA, making the SEP a natural building block for freelancers who want to increase their savings. For another, the contribution limit is much higher than a normal IRA: up to $55,000 in 2018 (increasing to $56,000 in 2019). With the higher contribution limit comes a caveat: sole proprietors (as most freelancers classify themselves for tax purposes) can contribute only up to 20% of their net self-employment income, so contributing up to the maximum requires earning close to $300,000 annually. There is also some complexity in determining your contribution limit – the calculation of “net self-employment income” involves accounting for half of your self-employment tax as well as the SEP contribution that you haven’t even made yet – so it’s best to have a tax expert help you find out how much you can contribute to a SEP. Because the SEP contribution limit depends on your income, it can be hard for freelancers with a variable income to plan their contribution each year. I usually recommend setting aside a percentage of each paycheck – up to 20% if you want to go the max – in a bank account separate from your other funds. Like a regular IRA you have until the tax filing deadline to open and contribute to a SEP, so you can calculate your net income and your contribution limit after the end of the year – and because you’ve already set aside the funds, you don’t have to worry about having the cash available for your contribution! Level 3: the heavyweight solo 401(k)In Level 2 we saw how combining a regular IRA contribution with an “employer”-funded SEP contribution can help freelancers step up their retirement savings. But if you want to supercharge your savings, there’s one more way to do it: the solo 401(k) plan, reigning like Bowser over the kingdom of self-employed retirement plans. Unlike a SEP, which is essentially an IRA that is funded by the employer, a solo (or individual) 401(k) is its own special type of account funded by both employer and employee contributions. Again, for a freelancer those are the same person, but the two contribution types have different rules that, when you combine them, can take your retirement savings to a new level. The employer contribution rules for solo 401(k)s are similar to SEPs: you’re allowed to contribute up to 20% of your net self-employment income. (Again, it’s recommended to have an expert help you calculate this) But as an employee, you can contribute 100% of your income up to $18,500, or $24,500 if you’re 50 or older (and those limits increase to $19,000 and $25,000 in 2019). The total contribution limit for combined employer and employee contributions with a solo 401(k) is the same as the SEP: $55,000 for 2018 and $56,000 for 2019. But because the SEP is only employer-funded while the solo 401(k) combines both employer and employee contributions, you can fully fund a solo 401(k) with far less income, making for a much higher effective savings rate: Even without making the maximum contribution, freelancers with lower incomes who are serious about saving can contribute more to a solo 401(k) than any other type of retirement plan: If you want to open a solo 401(k), know that you need to set up your plan by the end of its first year. Like a SEP you can wait until after year-end to calculate your contribution, but if your solo 401(k) plan isn’t established by December 31st, 2018, you won’t be able to make a 2018 contribution. There is also a yearly filing requirement – IRS form 5500 – for plans with more than $250,000 in assets, and if you ever hire employees (a rarity for freelancers, but not unheard of) your plan will need to undergo testing to make sure the plan’s benefits are evenly distributed. Because of the slightly more onerous rules for solo 401(k)s, they’re best for freelancers with moderate to high incomes who are serious about putting away significant money toward their retirement. If you’ve reached this level, you know you’ve mastered the game. Here are the basics of each type of retirement account for freelancers at a glance: The best part about the level-up strategy is that the levels can be layered on top of each other. Early in your career when you can only afford to save a little, opening an IRA is a great way to get started. Later on when you’re able to save more, you can add a SEP or, if you want to maximize your savings, a solo 401(k). (In case you’re wondering, you technically can contribute to both a SEP and a solo 401(k) in the same year, but the combined contributions can’t exceed $55,000 so you’re usually better off sticking with one or the other) You may still be able to contribute to your IRA while contributing to a SEP or 401(k), but you’ll need to note the limitations for people who are covered by retirement plans. One final thing to keep in mind is that, as important as it is to have retirement savings, freelancers also need a source of accessible funds for the inevitable slow periods that come with being self-employed. All the retirement plans described above have a 10% penalty tax on early withdrawals before age 59 1/2, so they shouldn’t be considered a source for emergency liquidity unless there is truly no other option. If you don’t have accessible cash – the amount depends on the individual but for my clients I usually I target 6 months to 1 year – saved in a bank account or in low-risk taxable investments, make that a priority before trying to maximize your retirement savings. Ben Henry-Moreland is a financial planner who specializes in helping freelancers and business owners reach their financial goals. In his early career he was a professional opera singer. You can find out more about Freelance Financial Planning at freelancefp.com or read more of Ben's blog posts at benhenrymoreland.com. via Freelancers Union Blog https://blog.freelancersunion.org/2018/12/27/level-complete-how-freelancers-can-maximize-their-retirement-savings/
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Yesterday I highlighted the best articles from 2018 according to what resonated with YOU. They were the articles that received the most traffic according to Google analytics. You can check them out HERE. Today, however, it’s my turn. It’s all about me, me, me, and ME. These were the articles I felt were Pulitzer worthy and yet didn’t receive the love I had hoped for. Best Articles of 2018: My PicksThe Forgotten Component of Progressing in the Weight RoomThis was the most recently written of the bunch – last week, actually – but one I believe sends a powerful message. The Words We Use MatterStop telling clients they’re broken. Instead set them up for unrelenting success. 5 Things You Can Do Today to Retain ClientsSuggestions may or may not include an after hours fight club. The Underrated Value of MediocrityThe best piece of gym advice is to show up, do the work, repeat. Average or mediocre workouts are what makes or breaks progress. My Take on the Keto CrazeI rarely venture into the world of nutrition, but I was compelled to write this article after an interaction with an GNC employee. Keto = not magic. Lessons In Lifting From a Dad: Year OneI take what I said above back. After re-reading the article, THIS is my favorite one from this past year. How The Matrix Can Make You a Better CoachThere is no spoon. Did what you just read make your day? Ruin it? Either way, you should share it with your friends and/or comment below.via Blog – Tony Gentilcore http://tonygentilcore.com/2018/12/best-articles-2018-picks/
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2018 was yet another successful year in many aspects, and I can’t express enough how thankful I am for such a loyal readership. Since it’s the end of the year I wanted to take the next few days to highlight some articles you may have missed (or maybe want to read again). Today’s list highlights those articles which received the most web traffic. Put another way: these are the articles YOU felt were the best. Best Articles of 2018: Reader’s PicksWhat’s Better for Weight Loss: Cardio or Lifting Weights?It’s a debate that won’t go away anytime soon, but I attempt to offer my train of thought in this article. I.e, I win….;o) Exercises You Should Be Doing: Renegade Push-UpIn a surprise (to me)…this iteration of my popular series, Exercises You Should Be Doing, made the list. I guess everyone likes cool push-up variations. And car memes. (shrugs) NOTE: the push-up pictured above IS NOT a representation of the proper execution of the Renegade Push-Up, or any push-up for that matter. 5 Quick Tips to Increase Strength1. Pick 2. Up 3. Heavy 4. Things 5. Repeatedly In all seriousness, I do go into detail on five quickie tips you can follow to help increase your strength. This article also contains what’s likely the most awkward video on the internet of 2018. Getting Strong(er) Is CorrectiveThis would probably be MY pick for favorite article I wrote this year. Stack the Rings for Better Squat PerformanceYou didn’t think I’d mention a ring and NOT include a LoTR reference did you? Pfffft, whatever. But for real: if you want your squats to feel better, read this article. Did what you just read make your day? Ruin it? Either way, you should share it with your friends and/or comment below.via Blog – Tony Gentilcore http://tonygentilcore.com/2018/12/best-articles-2018-readers-picks/
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The end of the year offers many opportunities to give financially to charitable institutions who need your help. While your generosity is likely motivated by your internal drive to do good for others, it can also provide your freelance business with valuable tax deductions, creating a win-win situation. To ensure your charitable contributions are working double-time--for your favorite causes and your freelance business--keep these tips in mind: Contribute to eligible charitable organizationsTo qualify under the IRS guidelines, any contributions you make that you plan to deduct must be made to registered charitable organizations with 501(c)(3) tax exempt, status. Donations to individuals will not qualify. If there is a donation you want to make to an individual, you may be best off working through an established charitable organization that can offer support to that person such as the Red Cross or Salvation Army. Political donations aren’t deductible either. Donating cash is an easy deductionGifts of cash including donations made by check, credit card and payroll deductions, are the most straightforward way to give. However, to be able to use them as tax deductions, you must substantiate them with a canceled check, credit card receipt or a written receipt from the charity if they’re under $250. If your contribution is more than $250 you will need a letter from the organization showing their 501(c)(3) status and the details of your gift. Know how tax reform impacts charitable givingThe Tax Cuts and Jobs Act (TCJA) has brought about many tax changes. One of the biggest for individuals is the change to itemized deductions. All charitable contribution deductions must be itemized, but unless your total deductions exceed the new $12,000 individual standard deduction threshold ($24,000 for married couples filing jointly) you may not be able to claim a specific tax benefit for charitable giving. Given that starting in the 2018 tax year the deduction for state and local income, sales, and property taxes is capped at $10,000, it may be even more difficult to reach the threshold where you can deduct your charitable giving. Another change is that under the new tax reform laws, deductions for cash gifts to public charities can’t exceed 60 percent of your adjusted gross income (AGI). This is an increase from the previous 50 percent of AGI limit. The AGI limit is 30 percent for cash donations to nonoperating private foundations. If you do have contributions in excess of these AGI limits, they can be carried forward for up to five years. Make your donor decision later—but take a tax deduction nowFor freelancers who are interested in making charitable contributions now but who have not yet identified the organizations they want to support, a donor-advised fund (DAF) may be worth considering. This type of fund is offered by many large public charities. One of the big tax advantages of this type of donation is that you receive a tax deduction in the year you make your donation, even if the funds aren’t immediately divested by the fund to specific charities. You can donate cash, stocks or non-publicly traded assets like real estate and private company stock to a DAF and your contribution can grow tax-free while you're deciding which charities to support. The charitable organization where your account is held is responsible for doing due diligence and recommending IRS-qualifying charities that your funds can support. It must also provide you with written acknowledgment of its legal control of the assets you contributed in order for you to qualify for the tax deduction. Contribute by year end to improve your 2018 tax situationFor your charitable donation deduction to lower your tax burden this coming April, the gift must be made by Dec. 31, 2018. Under the IRS rules, a donation is generally considered to be made at the time of its “unconditional delivery.” This “unconditional delivery” date varies based on what and how you contribute to a qualified organization. For checks it is the date you mail them; for a contribution via credit card it is the date the charge is made. If you choose to donate another asset such as a stock certificate, the delivery date is when you mail a properly endorsed stock certificate to the receiving charity. Now is the time to make charitable contributions work double timeWith the season of giving upon us, don’t delay supporting your favorite tax exempt 501(c)(3) organizations before the clock chimes in the New Year. Be sure to get a receipt for your contribution so that you can itemize it on your tax return (as long as your deductions will not exceed the new larger standard deduction that you’ll see on your 2018 return). Most importantly, enjoy the feeling that comes with knowing your contribution will be helping to make a positive change in the world. Jonathan Medows is a New York City based CPA who specializes in taxes and business issues for freelancers and self-employed individuals across the country. He offers a free consultation to members of Freelancers Union and a monthly email newsletter covering tax, accounting and business issues to freelancers on his website, www.cpaforfreelancers.com which also features a new blog, how-to articles, and a comprehensive freelance tax guide. Jonathan is happy to provide an initial consultation to freelancers. To qualify for a free consultation you must be a member of the Freelancers Union and mention this article upon contacting him. Please note that this offer is not available March 1 through April 18 and covers a general conversation about tax responsibilities of a freelancer and potential deductions. These meetings do not include review of self-prepared documents, review of self-prepared tax returns, or the review of the work of other preparers. The free meeting does not include the preparation or review of quantitative calculations of any sort. He is happy to provide such services but would need to charge an hourly rate for his time. via Freelancers Union Blog https://blog.freelancersunion.org/2018/12/26/make-your-charitable-contributions-work-double-time-this-holiday-season/
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This is a post from a member of the Freelancers Union community. If you’re interested in sharing your expertise, your story, or some advice you think will help a fellow freelancer out, feel free to send your blog post to us here. Why would you spend $5 on a coffee at Starbucks when you could make yourself a cup for under a dollar at home? Why would your brother buy Nikes over Sketchers? Why would your friend choose Coke instead of Pepsi? Why would your client choose to work with you over the thousands of other freelancers around the world? It’s not just the end product. While other players in a market can easily copy a product, a brand is always one-of-a-kind. Branding your business is one of the most essential - and overlooked - ways to stand apart from your competition and draw the right people to you. Ready to learn how to build a brand online and start landing your perfect clients? Let’s start at the beginning. What is branding?The American Marketing Association defines a brand as the name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers. But that’s dense. A brand is more than a recognizable name and logo that distinguishes you in an oversaturated market. Ultimately, it’s the idea people have in mind when they’re thinking about you. It’s what evokes emotion from your audience. So it’s no wonder why, according to a Nielson survey, 59% of consumers prefer to buy new products from brands familiar to them. Just like you, your business should have a name, a style, a way of communicating, and a lasting impression on others that make up its identity and determines how it’s perceived. Why is branding important for my business?Branding is the essence of your reputation online. And you need it now more than ever. Thanks to the rise of websites like Upwork, Fiverr, and Gigster, you’re competing with thousands of others who offer similar services like never before. When done correctly, branding works to help you find clients that are a good fit for your values, services, and personality. How do I build a brand?Branding not only helps you stand out in a sea of freelancers, but it also helps potential clients learn meaningful information about your business before they ever reach out to schedule an initial call. Here’s what you’ll need first. Get to know your target audience and your competitorsOdds are, your target audience is working with someone right now. But that someone isn’t you yet. That’s where a little research and creativity can make all the difference. Take time to explore relevant social media accounts and pages that your target audience engages with regularly. If you’re feeling bold, you can take this a step further by actually asking your dream clients about their biggest struggles and what kind of help they need. It’s also useful to search keywords and phrases your clients might search to see what - and who - comes up. Take a close look at what your competition is doing right and wrong. This can inform what your brand needs to focus on and how you can separate yourself from others in your niche. Build a strong foundationNow that you’ve done your research, it’s time to start building from the ground up. Determine five words or emotions you’d like associated with your brand. Do you want clients to see your brand as innovative? Creative? Reliable? Effective? Professional? Approachable? Caring? Make sure these feature in your foundation: your business name, logo (this will inform colors and fonts), and slogan. For example, since I market small businesses and wellness practitioners, my tagline is “Helping you help others.” From here, your foundation will begin to inform the rest of your brand. It should be consistent throughout your print, signage, website, advertising, content marketing, social media, and even your customer service. Humanize your online presenceDon’t pretend to be something you’re not. People value authenticity. It’s vital that you talk and write like yourself to personalize your presence. Brainstorm ways to personalize everything you do in your business, from your services to the messaging on your website. It’s important to learn your customers’ names, interests, and goals, and then tailor each interaction around those. Appreciate Your clientsOn a similar note, going above and beyond the general “we appreciate your business” email is a great way to brand yourself. While many businesses have a rewards program to encourage repeat business, it’s more powerful to give something personal to show you care like a thoughtful letter or a local gift basket. Unexpected appreciation might be the biggest brand differentiator today - and it never hurts to show a client your gratitude. Protect your brandYour business will evolve over time, so you’ll want to make sure that your brand grows with it. In the words of Jeff Bezos, the founder of Amazon, “Your brand is what other people say about you when you're not in the room.” Make sure you keep up on your online reputation by responding to reviews, answering questions from your audience, and giving them free content that provides some of the answers they’re looking for. Branding is a long-term and ever-evolving project that requires a little research, a dash of confidence, and a meaningful idea that your dream clients need and only you can provide. What’s yours? Cassandra Miasnikov is the founder of Selene Marketing in Bend, Oregon. Her mission is to help small businesses thrive with clean websites, content marketing management, and brand strategy. She lives with her Savannah cat and a healthy abundance of fantasy novels. To learn more, please visit www.selenemarketing.com. via Freelancers Union Blog https://blog.freelancersunion.org/2018/12/26/how-to-build-a-brand-that-attracts-your-dream-clients/
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At this time of year, it often feels like there are a lot of outgoing expenses—gifts, holiday entertaining and all the extras that go along with the holiday season. However, there are things that freelancers can do before December 31 to offset extra spending. The basic strategy is to maximize all available tax savings for yourself so that you owe less tax April of next year. Here are eight year-end tax tips to use now: Accelerate tax deductionsAccelerating any eligible tax deductions you may have and deferring income will save you money on your 2018 tax return. Reducing taxable income is the cornerstone of any tax-mitigation strategy. Also, if you have revenue that you can defer, such as self-employment income, try to do so especially if you anticipate a large tax bill coming your way in the future. Max out retirement contributionsContributing as much as possible to a qualified retirement account such as a 401(k) or an individual retirement account (IRA) to shelter the maximum amount from taxes is key to saving tax dollars. The 2018 contribution limits are $18,500 for a 401(k) and $5,500 for an IRA (not including catch-up contributions for those 50 years of age and older). Delay large giftsIf you are considering making a significant monetary gift which would result in gift taxes, it may be advantageous from a tax perspective to delay it until 2019. Revisit your business structureIf you own a business and you haven’t changed your entity type for several years, you may want to consider if another entity type may offer you tax advantages. This is one tip that should likely be done in concert with a tax professional so that you are certain that any entity changes you make will be beneficial to you. Postpone debt cancellationIf you owe money, keep in mind that the reduction or cancellation of debt usually results in taxable income to the debtor. If you are planning to negotiate with creditors involving debt reduction, consider waiting until January to defer any debt cancellation income into 2019. Accelerate charitable contributionsMake charitable contributions now to reduce your 2018 tax burden. ‘Tis the season of giving, so if you are thinking about supporting tax exempt 501(c)(3) organizations this year, don’t delay. Be sure to get a receipt for your contribution so that you can itemize it on your tax return (as long as your deductions will not exceed the new larger standard deduction that you’ll see on your 2018 return). Wait to invoice for year-end workIf you’ve had a good year and your income is pushing you into a higher tax bracket, the last thing you need is to add additional income for the current tax year. This is why it may be beneficial for you to wait until January 1, 2019 to invoice for your December freelance projects. If you do, the income you earn won’t be taxed until your clients pay. Consider purchasing equipment for your businessUnder tax reform, Sec. 179 business expense deductions and bonus depreciation for first-year businesses are expanded. As such, now is the time to invest in equipment such as computers or other eligible assets for your business so that these deductions can help you reduce your 2018 taxable income. Regardless of the season, these tax-saving tips make a great gift to you and your freelance business. Even though this time of year is hectic (as well as expensive) it’s worth taking a few minutes to implement the ones that apply to you before the end of the year so you’ll have more cash in your pocket come next spring. Jonathan Medows is a New York City based CPA who specializes in taxes and business issues for freelancers and self-employed individuals across the country. He offers a free consultation to members of Freelancer’s Union and a monthly email newsletter covering tax, accounting and business issues to freelancers on his website, www.cpaforfreelancers.com which also features a new blog, how-to articles, and a comprehensive freelance tax guide. Jonathan is happy to provide an initial consultation to freelancers. To qualify for a free consultation you must be a member of the Freelancers Union and mention this article upon contacting him. Please note that this offer is not available Jan. 1 through April 18 and covers a general conversation about tax responsibilities of a freelancer and potential deductions. These meetings do not include review of self-prepared documents, review of self-prepared tax returns, or the review of the work of other preparers. The free meeting does not include the preparation or review of quantitative calculations of any sort. He is happy to provide such services but would need to charge an hourly rate for his time. via Freelancers Union Blog https://blog.freelancersunion.org/2018/12/24/take-advantage-of-these-8-tax-saving-gifts-for-freelancers-before-the-year-ends/ |
AuthorI have 5+ years experience working as a medical transcriptionist. When I am not working, I enjoy sports like playing basketball or judo. I love making friends and connections. Archives
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