My Korean-American Life

  Have you received 1099-NEC? As a W-9 contractor or sole-entrepreneur, understanding your tax obligations is crucial to ensure compliance and avoid potential penalties. This guide will walk you through the essential steps and considerations for filing your taxes. What is Form W-9? Form W-9 Request for Taxpayer Identification Number and Certification is a form used by businesses to collect tax information from independent contractors, freelancers, and other non-employee workers. When you provide services to a business, they will request that you complete a W-9 form to obtain your Taxpayer Identification Number (TIN), which can be either your Social Security Number (SSN) or Employer Identification Number (EIN). Why Form W-9 is Important 1. Income Reporting: Businesses are required to report payments made to independent contractors who earn $600 or more in a year. The information provided on the W-9 form is used to generate Form 1099-NEC, which reports non-employee compensation to th...

  Have you ever seen a spacious hanbok shop, with one wall completely filled with vibrant, colorful fabrics? It’s truly breathtaking. "Color is a power that directly influences the soul." The hues of hanbok will remind you of these words by Wassily Kandinsky.   I had that very experience in Korea in the spring of 2023 when I went to have a new hanbok made for my niece’s wedding. Traditional hanbok is crafted with meticulous attention to the harmony of colors, following the principles of yin-yang and the five elements* . The process involves carefully laying out and comparing dozens of fabric swatches—for the inner lining and outer layer of skirt and of jeogori, sleeve hems, and goreum—until the perfect combination is found.   While watching this process, I was reminded of the hanboks I had received decades ago for my brothers’ weddings and my own. What a waste for these beautifully crafted garments to be worn just once for a special occasion, only to be stored a...

Warren Buffett made headlines in early 2025 with a massive stock sell-off . Berkshire Hathaway, under Buffett's leadership, sold $133 billion in stocks while only purchasing $6 billion, resulting in a net sell-off of $127 billion. This aggressive selling spree is the most significant in the company's history . Buffett's decision to sell such a large amount of stock has raised concerns among investors and analysts. the stock market's current valuation is historically high, with the S&P 500's cyclically adjusted price-to-earnings (CAPE) ratio standing at 37.9, far above its 20-year average of 27. When the CAPE ratio has exceeded 35 in the past, the S&P 500 has posted negative average returns. In the fast-paced world of trading and investing, managing risk is paramount to long-term success. One effective tool that traders use to protect their profits and limit losses is the trailing stop. This dynamic order type adjusts itself based on the price movement of an...