Income Tax

Many new business owners cringe at the idea of paying an additional 15.3% of their hard-earned cash into self-employment taxes. The good news is, there are ways to reduce the amount you owe. Track all business expenses. Since self-employment taxes applied to net earning rather than your gross income, deductible business expenses will reduce the …

To calculate your self-employment tax, the first step is knowing your net earnings from self-employment. To calculate your net earnings, subtract your business expenses from business revenues. If the result is less than the Social Security wage base. The calculation is simple. If your net earnings are more than the Social Security wage base, your calculation will have …

If you had self-employment income earnings of $400 or more during the year, you are required to pay self-employment taxes and file Schedule SE with your Form 1040, which is generally due by April 15 (now July 15, 2020). However, if you expect to owe $1,000 or more in combined income tax and self-employment taxes, …

For many people, the term “small business” invokes images of a family-run local retailer with only a few employees. While operations like this are small businesses, so are a surprisingly wide variety of other companies. Ask a business owner, a bank, and the federal government to define small business, and you’ll likely receive three wildly …

The deadline to register for an Economic Impact Payment using the Non-Filers tool is extended to November 21, 2020. The IRS urges people who don’t typically file a tax return – and haven’t received an Economic Impact Payment – to register as quickly as possible using the Non-Filers: Enter Info Here tool on IRS.gov. The …