Self-Employment Tax Help

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Self-employment tax help is useful around this time of year, since there’s still time to correct course if you haven’t been tabulating your taxes -- and, more importantly, your deductions. Only half the year is over, so July is a good month to get your affairs in order. Take advantage of self-employment tax help in 2013 and it will pay off during 2014.

Being self-employed is a daydream for so many people. Who doesn't fantasize about becoming his or her own boss? When it comes to work, however, the downside of being the boss is all the obligations that go with the job. Regrettably, calculating and paying taxes are part of those duties. That’s why you need self-employment tax help if you’re a freelance worker, small business owner, or otherwise self-employed.

According to the Internal Revenue Service (IRS), you are considered to be self-employed “if you are in business for yourself, or carry on a trade or business as a sole owner or an independent contractor.” The IRS requires self-employed persons to pay a Self-Employment Tax, which assesses Social Security and Medicare taxes similar to those paid by employees and their firms. The IRS also expects self-employed people to pay quarterly estimated taxes as a replacement for the withholding taxes that are applied against an employed person's wages. These factors make complying with self-employment taxes rules more complex than the rules that apply to the employed. Don’t go it alone -- get some self-employment tax help that will simplify your course of action.

With that in mind, the following are some tips that provide self-employment tax help:

Consult a certified public accountant. Even if you plan to be doing everything yourself, it's better to seek outside self-employmen...

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...of any part of your home? Plenty of small business owners have at least one room dedicated to some aspect of their business, whether it's keeping shipping materials in the garage, or a bedroom that is converted to an office or filing storage space. With so many small businesses operating partially or fully out of people's homes, the IRS allows business owners to deduct a percentage of rent, mortgage payments, utilities and maintenance for qualifying home offices. The IRS has stringent requirements for these deductions, however, so it is advisable to consult a CPA and find self-employment tax help about your particular situation. You want to be sure beyond any doubt that your home office qualifies.

With these tax tips for self-employed and freelance workers, you’ll discover all the self-employment tax help you require for the 2014 tax year.

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