New IRS enforcement efforts zero in on digital storefronts amid growing concerns about underreported income IRVINE, CA / ...

Form 4562 for claiming a depreciation or amortization deduction. 6. Work the deductions One of the smartest things a self-employed person can do is make the most of available tax deductions.

Because tax isn’t withheld from a self-employed worker’s earnings, those who expect to owe $1,000 or more in tax for the year are required to estimate and pay taxes on a quarterly basis.

Besides regular employment tax forms like a W-2, if you performed any self-employed freelance or contract work in 2024 you will also need to submit a 1099-NEC form, which is typically provided by ...

The Internal Revenue Service warned Monday about bad advice that's being peddled on social media promoting a bogus "Self Employment Tax Credit" and prompting unsuspecting taxpayers to file false ...

The self-employment tax credit doesn't even exist. The credit being touted on social media actually involves claiming what the IRS calls "a more limited and technical" tax break known as Credits ...

There is no such cap for the 2.9% Medicare tax, though an individual may be liable for an additional 0.9% Medicare Tax if their self-employment income exceeds a threshold amount ($250,000 for a ...

Along with Form 1040, individuals who are self-employed, or act as individual contractors, will also need to include Schedule 1 and Schedule C with their tax return on the April deadline to the IRS.

For example, if you reported a net profit from being self-employed of $100,000, $92,350 of your earnings would be subject to the 15.3% self-employment tax. So you’d pay $14,129.55 in self ...

In 2017, the U.S. Tax Court ruled that law firm members who actively participated in an LLC’s operations and in management weren’t mere investors and were liable for self-employment taxes.