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This show teaches successful freelancers and solopreneurs like you how to: Hack your money to further your financial independence, lower your tax bill, invest smarter, and optimize your finances. Freelance Finance fix was created by money nerds who love researching, optimizing and diving deep into all things financial. We are passionate about helping freelancers find unique and exciting opportunities available to them that are not available to the traditional 9-5 crowd. So grab your favorite ...
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Are you aware you can rent out your home for tax-free income? That’s right—for freelancers, solopreneurs, and small business owners who love to travel, renting your property might be an excellent way to earn tax-free income. In this episode, Alex covers what the Augusta Rule is and how to take full advantage of renting your home for tax-free income…
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Tempted by High Interest CDs? Here's How to Protect Your Financial Future
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Have you noticed more banks enticing you with higher rates? Higher rates generally mean higher savings but there’s no guarantee to how long this seemingly win/win situation will actually last. In this episode, Alex shares why banks are offering high rates and why you should review your long term financial goals before making any changes to your cur…
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Common Questions about Home Office Deductions
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Our last episode, “Are You Maximizing Your Home Office Deductions?”, focused on home office deductions and details about Form 8829 Expenses for Business Use of Your Home. Be sure to review IRS Publication 587 and make sure you're using the most advantageous calculation when determining the business use percentage of your home. In this episode, Alex…
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Are You Maximizing Your Home Office Deductions?
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Although the April tax deadline has passed, now is a great time to review your return to ensure you’re maximizing your home office deductions. In this episode, Alex dives into home office deductions, different ways to compute your home office use, and what to know about Form 8829 Expenses for Business Use of Your Home. In this episode, you’ll also …
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Our previous episode, “A Freelancer’s Guide to Quarterly Tax Payments,” covered the basics of estimated tax payments and avoiding underpayment penalties. In this episode, Alex discusses safe harbor provisions and determining your estimated tax payment. Be sure to check out Publication 505 by the IRS to learn more about estimated tax withholdings an…
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A Freelancer’s Guide to Quarterly Tax Payments
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You might be mistaken if you’re a small business owner or freelancer and think you only have to pay the IRS once a year. Estimated tax payments only apply in certain states, so review your local tax laws to avoid any penalty. In this episode, Alex breaks down what estimated tax payments are, who has to pay them, and how to pay them on time, and sha…
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Our prior episode, “529 Plans are for More than Education” highlighted that the traditional 529 College Savings plans are set for big changes. While 529 accounts used to be where parents and grandparents invested money to fund the next generation's higher-level education costs like tuition, the Secure Act 2.0 includes provisions that if unused, thi…
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How to Use a 529 College Savings Plan for More than Education
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Traditionally, 529 accounts have been an option in which savings could be accumulated and invested toward the purpose of funding a loved one’s education expenses. Money can be set aside in the 529 plan as a lump sum or over time, invested in the markets, and grow tax free. The real beauty and benefit of a 529 education savings plan is typically rea…
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How Much Tax Would I Owe if I Sell My Home?
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If you’re planning to sell your primary residence or an investment property, you might qualify for certain options to get the most out of the transaction while saving money on your tax bill. In this episode, Alex details 5 important things to know about how selling your home impacts your taxes. In this episode, you’ll also hear: Understanding capit…
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10 Situations Where a Roth Conversion Doesn’t Make Sense
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Although Roth IRA conversions offer many financial benefits, they can also create financial woes if converted too soon or if tax filings aren’t managed properly. In this episode, Alex shares 10 scenarios where it’ll pay to think twice before executing a Roth conversion. In this episode, you’ll also hear: How Roth conversions impact income benefits …
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How Wealthy People Get More Tax-Free Growth
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Do you think you make too much money to contribute to a Roth IRA or that you’ve out-earned your eligibility for a tax-free growth? You might be surprised to learn you can still take advantage of a Roth account regardless of your income. In this episode, Alex outlines who is eligible for Roth conversions and makes suggestions for when and how to do …
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Funding a Freelance Lifestyle with an Old 401K
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Did you know an old 401K might hold the key to funding your new business or, at the very least, could save you thousands in taxes? For big tech employees or those with employer stocks that have performed tremendously well, it’s worth researching how net unrealized appreciation, or NUA, might impact your financial plans. In this episode, Alex reveal…
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No one likes leaving money on the table, especially when it’s thousands of dollars. Unfortunately, you could be at risk of doing just that if you’re unintentionally holding bonds inside a Roth account. In this episode, we highlight the differences between Roth accounts, bonds, and why it’s necessary to make sure your investments are where you need …
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7 Things for Freelancers to Prepare For Tax Season
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April 18th is rapidly approaching so now is the time to review your 1099s and financial accounts to make filing your taxes as easy as possible. In this episode, Alex covers 7 things you need to know about filing your taxes as a freelancer or solopreneur to avoid costly surprises and penalties. In this episode, you’ll also hear: Why it’s better to r…
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Every year brings the opportunity to take advantage of the annual gift tax exemption to non-charities when filing taxes, but many don’t understand the gift tax limit or its benefits. In this episode, Alex explains the annual gifting limit, how to increase your 2023 gifting limit from $17,000 to potentially $68,000, and why it’s important to plan yo…
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As mentioned in Part 1, health expenses and rising health insurance costs can quickly derail even the best laid financial plans. An HSA account is a solid planning tool to help freelancers mitigate risk and navigate unexpected expenses. In this episode, Alex discusses the final 5 attributes of an HSA account and why it’s beneficial to have this ded…
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By Alex M. Lynch CFA®, AWMA®
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Having an emergency fund is non-negotiable for freelancers. Even with the most meticulous tax planning and retirement strategies in place, unpredictable expenses can occur at any time. In this episode, Alex dives into the most overlooked benefit of having a Roth retirement account and three things freelancers should know about using Roth accounts. …
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Did you know 401K plans are not limited to employees working for large companies? If you’re a freelancer serious about planning for your retirement, optimizing your tax strategy, and have extra cash available, opening a solo 401k might be your next move. In this episode, Alex shares what freelancers need to know about solo 401Ks and why you should …
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Would you switch banks for an extra 30K? Yeah, me too. This all begins with a simple question: Are you getting a good rate of return for the money in your savings account? Chances are your bank isn’t working hard enough to keep your business, and you’re missing out on money that requires little effort to earn. In this episode, Alex breaks down why …
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Hosted by Alex M. Lynch CFA®, AWMA®, this show teaches six-figure freelancers and solopreneurs like you how to: Hack your money to further your financial independence, lower your tax bill, invest smarter, and optimize your finances. Freelance Finance Fix was created by money nerds who love researching, optimizing, and diving deep into all things fi…
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