Tag Archives: Self-Employment Tax

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 […]

Profit and Loss from Business: Schedule C

If you are paid cash for services performed, you’ll need to complete a Schedule C, Profit and Loss from Business. This form reports earnings and expenses in relation to the work performed. Some common examples include a handyman who works multiple locations, and has expenses for tolls and mileage, or a copywriter who freelances. Schedule […]

Freelancers, contractors or other consultants, even if they work part-time on the side, can often have a more complex tax situation than the standard employee. You are an independent contractor in the eyes of the IRS if you receive a Form 1099-MISC. This form documents your earning from a specific client, as opposed to a […]

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 […]

Media

When you work in the professional media circuit, such as a news reporter, you likely don’t mind being in the spotlight. However, you never want to attract the attention of the IRS for failure to file a correct tax return. Media professionals who work for a company ona regular basis and are considered an employee […]

Your Trade Can Lead to Big Deductions

No matter what type of skilled trade you work in, whether you are a computer service technician, a mechanic, a laborer, or any other job which requires a unique skill-set, you may be able to reduce the amount of taxes you owe each tax year by claiming certain deductions. If you work for a specific […]

On the off chance that you work in security or as a prison guard or correctional officer, you will be supplied Form W-2, Wage and Tax Statement, from your employer. Payments made to you for rendering security services outside of your regular employment may be considered self-employment income and is reportable on Schedule C, Profit […]

Salesperson

Making your living in sales can mean you rely on commissions just as much as your normal wages. At tax time, you will receive a Form W-2, Wage and Tax Statement from your employer. As a salesperson, you may be classified as a statutory employee. Generally, statutory employees have Box 13 of their W-2 checked, […]

Journalism Related Tax Deductions

Journalists have an important job in reporting the current events and other newsworthy stories to the public. When it comes time for taxes, it’s important for those who work as a journalist or media professional to know what to expect. You will receive a Form W-2 from your employer which will document the amount you […]

Tax Time Deductions for Custodians

Are you employed as a custodian? As well as cleaning and organizing your employer’s business, you’ll need to do the same to your expenses come tax time if you want to save the most money. Your employer will send you a Form W-2, Wage and Tax Statement, provided you work for the company and are […]