Self-Employment Income Tax Help
Updated on: by Miranda Grimm
Working at home often means you are self-employed and therefore, tax season becomes a bit complicated! The last time we had a group meeting, the topic that was most discussed was income tax. Most commonly asked questions were:
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- What can you write off as business expenses?
- How much money you should set aside every pay check.
- Should you be paying quarterly IRS payments?
- Should you hire a professional tax consultant?
These are all very important subjects that really need to be addressed and made clear for us work at home agents. The unknown is the scariest thing and not knowing if you will be owing some serious money next year to the IRS or realizing years later you have been missing out on deductions and losing money can be very unnerving. Therefore, I am beginning a new series over the coming weeks where we will be discussing tax issues and answering those commonly asked questions.
Please keep in mind that I am not a tax professional, I will be seeking help from all the resources available, including the IRS and will do my best to give only solid information. But every person has a different tax situation and should only take the information I will be sharing as a tool and not the final word.
Have a tax related question? Either hit me up on Facebook or leave a comment below and I will try to work it into the series!
- What is Self-Employment Tax? 2013 [updated]
- Options for Paying your Self-Employment Taxes
- Preparing for the 2011 Tax Season
- How Much Money To Set Aside for Income Taxes as an Independent Contractor
- My Top Five Favorite Sources of Extra Income Online
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September 21, 2011 at 6:26 pm
I would love to figure it all out! lol
September 21, 2011 at 8:35 pm
I am excited to dig around and get answers myself. I started this early in hopes that by the time tax season gets here, they will all be answered and everyone can take full advantage of their deductibles and have a calmness in feeling like they know what to expect. I look forward to it…even though I don’t expect it to bring a lot of immediate traffic….people just do not like thinking about taxes.
October 10, 2011 at 10:50 pm
Thanks for the information on taxes, taxes could be troublesome, if you don’t do it right.