If you’re self-employed, you need to AVOID being audited, paying unnecessary fines or losing out on valuable deductions!

Self-employed

Here are important things to remember:
1. Self-employed taxpayers generally need to make quarterly estimated tax payments.
2. Self-employed taxpayers must file a Schedule C, Profit or Loss from Business, or Schedule C-EZ, with their Form 1040.
3. For those making a profit, self-employment and income taxes need to be paid. Self-employment tax includes Social Security and Medicare taxes.
4. Taxpayers can deduct expenses paid to run a business that are both ordinary and necessary.
5. Taxpayers can deduct expenses in the year paid or incurred. Some costs must be ‘capitalized.’

Questions? Call (734) 332-9949
I’m devoted to helping you save more money!

About JLM & Associates/Management & Tax Services

I am an accredited business accountant helping small businesses and individuals
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