What Is FIRE (Financial Independence, Retire Early) is saving 50-75% of income to retire at 35-45: $40K spending needs $1M corpus, $120K earner saving 50% ($60K/year) reaches $1.5M by age 40 in 15 years.
Long-term vs. short-term capital gains tax: STCG is 10-37% for under 1 year, LTCG is 0/15/20% for over 1 year. A $10K gain at $120K income costs $2,400 STCG vs $1,500 LTCG, saving $900 that compounds to $10,118 in 30 years.
How freelancers should file IRS Form 1040 and claim business expenses: attach Schedule C, report $120K income, deduct $28K expenses (car, home office, meals), pay $13,002 SE tax on Schedule SE.
Form W-2, Form 1099, and Schedule C all report income to Form 1040: W-2 for employees ($120K → Line 1, $21K tax), 1099 for contractors ($120K → Schedule C → $34K total with $13K SE tax), Schedule C for freelancers.
Housing deduction and state tax exemptions: deduct mortgage interest up to $750K loan and state tax up to $10K cap on Schedule A. A $120K single filer saves $3,696 by itemizing $30K vs standard $14,600.
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