Thu. Jun 1st, 2023

Financial Help For Self Employed Individuals

The coronavirus pandemic has put many Americans under undue strain, yet freelancers and independent contractors have felt its full effects the hardest. Luckily, financial assistance options exist to assist self employed individuals who are suffering because of this epidemic.

Consider, for instance, the Self Employment Assistance program which enables people to start a business while collecting Unemployment Insurance benefits; or Pandemic Unemployment Assistance (PUA), which states can offer to self-employed people who have recently lost their job but are actively searching for another one.


Federal government grants and private companies offer various grants designed to aid small businesses in growing and prospering. Each grant program has specific guidelines, with qualifications that must be fulfilled to receive funds.

There are various resources that will assist in your grant search process and help identify funding opportunities that suit your business best, such as government websites, databases and services that search the Internet for suitable funding solutions.

These websites often provide lists of grant opportunities tailored specifically for small business, so you can quickly narrow down your choices quickly. Furthermore, local businesses and Chambers of Commerce frequently have lists dedicated to small business grants.

FedEx is offering ambitious entrepreneurs a small business grant contest for new ventures, where winners will benefit from six months of mentorship, office space and other incentives to launch their businesses successfully.

Another method for finding grants is visiting the United States Chamber of Commerce website, which features state and local funding options that may be of help to businesses of various kinds, while some grants may even be open to self-employed individuals of all kinds.

These grants may be difficult to apply for, so it’s wise to take your time reviewing all requirements prior to beginning. Some require a business plan or financial documents while others want an explanation on how your business will contribute to local commerce.

Other grants, like those designed to assist women and minority entrepreneurs, may have unique eligibility requirements. If you are female entrepreneur looking for grants for women in particular, check with your local Chamber of Commerce or community organization about what programs may be available locally.

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The National Minority Supplier Development Council is a membership organization that offers various services and support to small businesses, such as training and mentoring. They also offer grant opportunities like their Accelerate program for Sephora which offers mentoring services as well as startup capital to minority business owners in the beauty industry.


Self employed individuals frequently face difficulty finding sufficient health coverage. Without it, becoming sick or injured could have significant financial repercussions: paying medical bills out-of-pocket and having an increased risk for costly health conditions.

Self employed individuals have access to various types of insurance plans available to them, including short-term health plans and disability policies. Both provide useful protection from emergency expenses that would otherwise be out of your hands if they did not have coverage.

For instance, if you become disabled and can no longer work, disability insurance companies provide regular checks that cover food, rent and utilities for an agreed-upon period. This may help cover these costs during that period.

Talking with an insurance professional is the easiest way to understand all your options and select one that meets your individual needs. They can assist in helping determine which kind of health coverage would work for you and help determine what type of plan would best meet them.

If you’re in search of more cost-effective healthcare plans, one option might be the Healthcare Marketplace. This federal program allows people to shop and enroll in healthcare insurance plans within their state as well as receive cost assistance based on income levels.

Open enrollment can be especially helpful if you’re just starting up your business or have been self-employed for an extended period without health coverage. By comparing plans during open enrollment, you can find coverage that meets both your needs and budget.

Help is available if you’re having difficulty paying for health insurance or are concerned that your employer might no longer offer it in the future. If you need help understanding how to apply for coverage, call one of Cover Kansas’ navigators free of charge so they can guide and support you throughout the application process and secure adequate coverage for yourself and/or family members.

Selecting an individual health insurance plan is one of the most significant decisions you’ll ever have to make. Finding a policy that meets all your needs and provides long-term returns will prove essential in providing protection from unexpected expenses.

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Self-employment comes with its share of taxes: from Social Security and Medicare premiums to income taxes. Knowing which are available and taking full advantage of them are both key aspects of running a successful business.

As a self employed individual, one tax that’s essential to pay when working independently is SE tax – equivalent of FICA (Federal Insurance Contributions Act). This tax must be paid annually.

The Internal Revenue Service requires you to file Schedule SE for all net earnings over $400. This includes wages, bonuses, tips and any other earnings generated by your work – whether through payroll withholdings or directly as an independent contractor.

Paying quarterly estimated tax payments is also important. You can send in printable vouchers via snail mail, or use IRS Direct Pay online payment service to make these payments.

Self employed individuals may qualify for certain tax deductions that can help save them money and reduce stress, such as those related to business expenses or advertising expenses. Claiming these can save both money on taxes and anxiety.

Tax deductions may also apply for health insurance premiums paid. This can be especially beneficial if you’re self employed and paying for healthcare for yourself and family.

Self employed individuals may qualify for another tax deduction when using their business vehicles for delivery, travel to client locations or similar activities.

As with any tax filing, keeping accurate records throughout the year can help avoid unexpectedly large tax bills when filing your annual return.

To calculate self employment tax, subtract all business expenses from net earnings before reporting this total on Form 1040.

If you are self employed and you need assistance calculating your tax liability, professional assistance from an accountant or tax preparation firm could be very useful in making sure all taxes are being filed correctly. They will ensure all necessary forms are completed accurately for tax filings.

Income protection

Self employed individuals can find assistance to replace lost income in case of illness or an accident that prevents them from working, protecting them financially from becoming vulnerable should they no longer be able to work. Financial protection policies like this one offer essential protection should illness make you unable to work and leave them financially exposed.

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Self-employed individuals have several types of cover available to them, including agreed-value and indemnity policies. Agreed-value policies lock you into a set benefit amount and payment schedule over an agreed time frame; this could provide stability should income fluctuate unexpectedly or they want to ensure a solid financial future.

Indemnity policies, on the other hand, are based on your average annual salary over time and could be beneficial if you have a stable income but worry about unanticipated expenses or changes to their situation.

Your premium payment options for life insurance policies include either stepped or level plans, with stepped premiums increasing as you get older and level premiums being more stable over the life of the policy. Each approach may have their own set of advantages; to find out which is right for you it’s advisable to consult a specialist from Lifebroker.

Your cover costs depend on a range of factors, including age, gender, occupation and health condition. Also influencing its cost will be how long you plan on keeping it and whether you wish to claim regularly or only occasionally.

Premiums play an integral part in determining how much cover is right for you, as they determine your monthly payout amount. They could range anywhere from 50p a week up to an extraordinary PS1,000 monthly amount depending on your insurer and benefit level selections.

Your monthly payouts can help provide essential support if you are unable to work and cover living costs during recovery, including mortgage or rent payments, food, and utility bills.

Jeffrey Augers
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By Jeffrey Augers

Jeffrey Augers is a highly skilled and experienced financial analyst with over 12 years of experience in the finance industry. He has a proven track record of delivering exceptional financial insights and recommendations to clients, empowering them to make informed decisions and achieve their financial goals. Jeffrey holds a Bachelor's degree in Finance from the University of Michigan, and an MBA from the Wharton School of Business.