The Self Employment Tax Hub (2024) Last udpated May 15th, 2023 Taxes can be confusing and frustrating, and that's especially true if you're self-employed. Don't worry. Once you understand the basics, and become familiar with a few best practices, it's not so bad. We hope this set ...
Fortunately, this situation has a positive aspect: self-employed tax software can simplify your life and ease stress during tax season. The ideal tax software for self-employed individuals should be affordable and easy to use. It should also help identify deductions that can reduce your overall t...
Many self-employed people spend money to get their business going before they even start operating their business. For example, you might pay for market research, training new employees, travel, consulting fees, advertising, registration fees, and the like before you open for business. These...
For 2023, I've gone back to basics. On this iteration, known simply as Tax Forms 2023 (and I suspect this format will be the ongoing template), you'll find posts that mention, and sometimes focus on, IRS forms you might run across while filing. Some are documents you have to complete...
If you’re your own boss and your boss isn’t great at math, calculating your self-employment tax can be tricky. Fair warning: Self-employed folks have to wade through more tax forms than an average tax filer. Yes, lots and lots of forms, especially if you’ve worked for multiple clie...
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Here’s who has to file a tax return in 2023, according to the IRS: Self-employed individuals who made $400 or more. All freelance income, side hustles, and gigs apply as well. Individuals with household employment taxes. Individuals with owed Social Security and Medicare taxes for unreporte...
No matter how much you earn, you must report that income as a self-employed individual. And if you also have a full-time job on top of your side gig, both forms of income need to be reported on your tax return, assuming you are operating your side gig as a sole proprietor or singl...
Go to TaxAct Self-Employed TaxSlayer Self-Employed Best value Go to TaxSlayer Self-Employed If you're willing to forgo some of the more advanced features out there if it means paying half of what TurboTax is charging, go with TaxSlayer. Beyond supporting all relevant forms, its Self-Emp...
There are many valuable self-employment tax deductions for freelancers, contractors and other self-employed people who work for themselves. Here are 15 big ones to remember. 1. The home office deduction If you work from your home or use part of it in your business, then self-employment tax...