Self Employment Tax. If you’re a new business owner or you’re looking to DIY your taxes this year you’ve probably got questions regarding your self employment tax and whether you should file it on your gross or net income. We’ve got the answers below.
Figuring out the ins and outs of taxes can be tedious if you’re a small business owner. Standard or line-itemed deductions, self employment tax, and a myriad of other accounting terms are frequently asked questions around our offices by clients who are trying to get ahold of their financial standing and file their taxes. Then you add in the rush of the tax season and that looming deadline when all paperwork needs to be in to the IRS and the idea of taxes and those detailed forms can bring outright panic.
If you’re looking to DIY your taxes, we’d still like to help. And we bet you’d be more than happy for a little bit of FREE expert advice right? You’ll find quite a few important articles here on our blog, but if you’re looking for answers as to the differences between gross and net income and how to figure your self-employment tax, we’d be happy to oblige.
If you have specific tax questions and would like to chat – we’d love it if you dropped us a line. If you’re looking to learn more about self employment tax and how to handle it for your taxes this year, you can read more here.