For millions of Americans, the precarious work-life balance scale has tipped in favor of work, creating an unsustainable, “live to work” paradigm. This imbalance hangs particularly heavily on the shoulders of self-employed workers, 49 percent of whom report working more than 44 hours in an average workweek, compared with 39 percent of the traditional workforce.
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It’s no secret that in many areas, the real estate market is hot! And, for many real estate agents, this means a lot of driving – and Keller Williams agent Devon Bookman is no exception. Whether it’s showing a buyer prospective properties, picking up marketing materials or heading to an open house, Devon spends most of her days traveling all over the greater Los Angeles area. Given her schedule, it’s amazing Devon has any down time!
While independent business ventures can afford self-directed workers personal and economic freedom, that freedom can also cause individuals to conflate their personal and business expenditures. While this practice does not in itself trigger an IRS audit, it can force you to employ guesstimation tactics when reporting business expenses to the IRS, and this can lead to tax woes and a limited potential for business tax deductions.