Self-employed? Aside from the income tax, you'll need to pay self-employment taxes that support the Medicare and Social Security programs. However, there are some ways you can reduce the amount you owe.
The article offers tax tips for self- employed workers according to the U.S. Internal Revenue Service (IRS). It mentions that in computing for the tax payable, a self-employed should include payments he received from part-time works. It also cites the tax forms that should be filed by a...
Whether you're a freelancer, an independent contractor, or a sole proprietor, you have to pay self-employment tax. If you were previously employed by a business, you may not be familiar with these new tax obligations. Learn more about the self-employment
If you are in business for yourself, here are some tax tips for self-employed people you must understand. This is an important guest post that I want everyone to read – even if you’re not self-employed. The reason is that many CPAs forget or overlook these simple ideas. You have to...
Here are seven tips to help you navigate your tax situation so you can take control of your finances in 2017: 1. Know your employment status When it comes to taxes, being considered “self-employed” doesn’t mean you must have all the traditional trappings of business or have an independe...
Here’s a primer on tackling taxes as a self-employed worker. 1. Tap industry associations to find an accountant. If you’re an independent worker, be it a financial advisor, consultant, graphic artist or writer, find an accountant via your industry’s professional associations, says Sara Hor...
If you're self-employed, Liberty Tax® has the top 3 tips to help make sure you pay your self-employment tax correctly.
Self-employed taxpayers are taxed on their profits, whether or not they take the profits and spend them or plough them back into the business. Unlike a limited company, therefore, there are fewer opportunities for tax planning, but that's not to say that tax savings are not possible. Here...
6. Look into tax deductions There are many benefits to being self-employed, like being able to take tax deductions.Self-employment tax deductionshelp individuals reduce their tax liability. Self-employed individuals can claim tax deductions for: ...
Self-employed business owners are entitled to many deductions not available to people who are employees. Here are three of those tax deductions. TurboTax Updated: Nov 14, 2023 5:00 PM ESTStart Conversation As a business owner, you’re entitled to various deductions that are generally not avai...