RefundtalkRunning a home-based business comes with many perks—flexibility, no daily commute, and the comfort of working in your own space. But one of the most significant advantages is the ability to deduct certain expenses on your taxes, which can lead to substantial savings. To make the most out of these deductions, it’s important to understand…
Category Archives: Self-Employment Tax
Self-Employed Individuals Tax Obligations
Who is Self-Employed? Generally, you are self-employed if any of the following apply to you. You carry on a trade or business as a sole proprietor or an independent contractor. You are a member of a partnership that carries on a trade or business. You are otherwise in business for yourself (including a part-time business) What are My Self-Employed Tax Obligations? As…
Self-Employment Tax
Self-employed individuals, unlike employees, don’t have someone withholding Social Security or Medicare (FICA) taxes along with pre-payments toward their federal (and state, where applicable) income tax from their wages during the year. They are not being paid a wage; instead, a self-employed individual must keep a set of books showing income and expenses associated with…
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