Tag Archives: Schedule SE

Form 1099-MISC

More people are required to submit 1099-MISC forms throughout the country, as the IRS is diligent in ensuring that you pay your taxes–even if you are an independent contractor. Your customer sends the IRS a 1099-MISC form, which the IRS compares with the form you submit. It’s a bad idea to ignore a 1099-MISC because […]

When to Pay Self-Employment Taxes

Individuals who are considered self-employed must still pay taxes. Self-employment taxes are contributions made to Social Security and Medicare, generally through quarterly payments known as estimated tax payments. Self-employment tax applies to anyone who makes $400.00 or more. In these cases, the taxpayer must file a Schedule SE (Form 1040) to pay self-employment taxes, since […]

Explaining the 1099-MISC Form

The amount of payments you receive through a year either from a single person or a entity are reported on the 1099-MISC for the year your provided them with service The IRS requires that any company or person who makes payments to report them on a Form 1099-MISC to both the IRS and the payee. […]

Taxes and the Self-Employed

Whether you freelance, own your own business as a sole proprietor, or are an independent contractor, you are likely considered self-employed. Self-employment income has certain tax requirements that you need to be aware of when it’s time to file your federal income tax return. Be aware of the following six pieces of advice from the […]

The Three Different Businesses

Business income is income that is received from the sale of products and services. Business income can include fees paid to a person for their services provided through their regular business, as well as rents received from real estate. Businesses must report all income received as property or services at the cost of the fair […]

The Self-Employed Taxpayer

If you’re self-employed, tax time can be confusing. Filing a federal tax return doesn’t have to be difficult, and with a little bit of information, independent contractors and small business owners can easily file returns just like the rest of the taxpaying population. Understanding what classifies as income from self-employment, as well as your tax […]