Self-Employment Taxes FAQ
For those of us who work for ourselves, tax time can be painful. Self-employment taxes can seem like a double hit. You pay your income taxes and then you pay self-employment taxes too. Why? What are self-employment taxes? Find out all about the Self-Employment Tax, including how much it is and how to pay it.
Guide for the Independent Contractor's Taxes
For independent contractors, taxes are one those unpleasant tasks that requires attention all year long--whether it's planning for taxes, filing your taxes, paying estimated taxes or even knowing what you need to save for taxes. This guide to independent contractors' taxes can help you with all of these.
Organizing Your Income Tax Returns
When you work at home, organizing your income tax returns is a year-round task. Even if your tax returns are prepared by a professional, it is up to you to save tax documentation (i.e. receipts, pay stubs, tax forms, etc.) all year. This includes both self-employed folks and telecommuting employees, particularly those tha
19 Self-Employment Deductions You Don’t Want to Miss
These self-employment deductions are good to know all year long--not just during tax time. Keep them in mind as you make business decisions.
Deductible Expenses for Your Home Office
There are two types of deductible home office expenses: direct and indirect expenses. Direct home office expenses relate to the actual work space, so this includes repairs and paint inside your home office. Indirect expenses relate to the house that the office is inside, and are only partially deductible. Utilities and mortgage interest are...
Find answers to some of the tax questions you may have about self-employment income, including what the IRS considers self employment, how is income calculated and what IRS forms to use.
Estimated Tax Payment Schedule
If you pay quarterly estimated tax, you make your payments on the 15th of every third month starting with April. However, if any of those estimated tax payment days fall on a weekend the IRS changes the schedule. This is the estimated tax schedule fo rtax year 2010. The last payment for estimated tax for 2009 is due on January 15, 2010.
How to Get a 1099-MISC Corrected
Need a corrected 1099? In a perfect world, independent contractors, who receive 1099-MISC forms for Nonemployee compensation (box 7), should receive correct 1099s by January 31 of the year. And yet we all know it's not a perfect world. So, as an independent contractor, what do you do if you don't receive a 1099 or you need a corrected 1099?
What Is a Sole Proprietor?
As the IRS defines a sole proprietor, the term means "someone who owns an unincorporated business by himself or herself." Read on to see exactly what that means and how to know id you are a sole proprietor.
IRS Form 2106 Employee Business Expenses
IRS Form 2106 is used to calculate unreimbursed business expenses for employees. These are then deducted on Schedule A.
Do I Qualify for a Home Office Deduction on my Income Taxes?
To determine if you qualify for a home office deduction on your federal income taxes, carefully review the IRS requirements for taking a home office. Not everyone who works from home will qualify to deduct expenses from the use of their home.
Telecommuting Employee Home Office Tax Deductions
It may seem that if you work from home then you automatically qualify for a home office deduction on your income taxes. However, the IRS requirements for deducting your home office expenses vary depending on whether you are a telecommuting employee or a self-employed business owner.
What Home Office Expense Can I Deduct on my Income Taxes?
There are two types of deductible expenses relating to the use of part of you home as a home office: direct and indirect expenses.
Direct expenses relate to the actual office itself, so this includes repairs and paint in your home office.
Late or Incorrect 1099 - Have you received a 1099-MISC form that was late or...
As an a independent contractor who works off-site for a company, it can be really tough to get problems straightened out. So often your contact at the company knows little about the invoicing process beyond to whom to pass your invoices. When there's a problem with your 1099-MISC (it's late or it's wrong), you may have trouble getting it...
Should You Take the Home Office Deduction?
If you work from home and you meet the requirements to take a home office deduction, it might seem like a no-brainer to take the deduction on your federal income taxes. But be careful. A home office deduction is not always in everyone's best interest.
1099-MISC Tax Form
Important information about IRS Form 1099-MISC, including when you should receive it, plus links to download a 1099 - MISC.