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For folks accustomed to working for others, the idea of working for yourself might seem idyllic. You’re your own boss, you set your schedule and often you can work from home. Out of 150 million U.S. workers, about 16 million are self-employed, Pew Research Center reports.

If you’re considering making the plunge into self-employment, you should consult a tax adviser. That’s especially true if you have both wage and self-employment income in a given year. Here are some general guidelines to help you understand what’s involved.

Read the full article in the Finances FYI section of The Seattle Times, sponsored by 1st Security Bank.