Self-employed individuals, including home based business owners, may deduct expenses related to their business not afforded to other taxpayers. However, there is a unique set of business tax rules with which self-employed and home based business owners must comply. If the taxpayer is a sole proprietor or single member LLC, the income and expenses of their business are reported on Schedule C of Form 1040.
- Make estimated tax payments
- Pay self-employment tax (Social Security and Medicare)
- Include income not subject to withholding when calculating estimated tax payments
- Deduct ordinary and necessary expenses of running a business
For a complete discussion of business taxes for the self-employed, view the video at the following link.
For more information related to business taxes for the self-employed or an opportunity to own your own home based business, complete the information below and I’ll be glad to send you more information.
Disclosure of Material Connection: Some of the links on this blog are “affiliate links.” This means if you click on the link and purchase the item, I might receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
Post Footer automatically generated by Add Post Footer Plugin for wordpress.