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.