The IRS requires self-employed individuals to file an annual tax return and pay the estimated tax quarterly.
All self-employed individuals are also required to pay self-employment tax (SE tax), as well as income tax. This is a Social Security and Medicare tax primarily for individuals who work for themselves.
Before you can determine if you are subject to self-employment tax and income tax, you will first need to calculate your net profit or net loss from your business.
At TaxAssist Accountants, we can guide you through the process of completing your income tax return. We can provide you with a fixed, competitive price so that we can take the worry away when it comes to meeting your tax obligations, while still ensuring that you pay only the right amount of tax and not a cent more!
Contact us today to arrange your free initial consultation using our inquiry form.
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Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
We specialize in supporting independent businesses. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our locations, meet with us online through video call software, or talk to us by telephone.
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.