Carbon Emery Insurance LLC’s Self-Employed Tax Preparation
Self-employment is extremely rewarding and liberating in so many ways. But you need to make sure that you can keep on top of the taxes! Whether you’ve been self-employed for many years, you’ve just started out, or you’re dreaming of your self-employed future, making sure you’re planning for your taxes should be part of your daily routine.
The friendly tax preparation specialists at Carbon Emery Insurance LLC have compiled some essential information that you should know about your self employed tax return, so you can have everything you need for your tax preparation process. Contact us now at (435) 687-2403 to get started.
Hire the Experts at Carbon Emery Insurance LLC for Help With Your Self-Employed Tax Return
In addition to all of the benefits and tax breaks that come with self-employment, self-employed people are also required to pay other taxes on behalf of your business. This includes sales tax, use tax, payroll tax (if you have employees), and federal and state taxes on any business profits.
If you’re unsure of whether you’re properly equipped for your self-employed tax season, need someone to file for you, or you’d like some help from a self-employment tax return specialist, contact our tax specialists today.
We Will Help You With Your Tax Preparation
The first thing you need to know about your self-employment tax preparation is what kind of business structure you have. The options for self-employed people are sole proprietorships, LLCs, partnerships, S-corporations, and C-corporations. Knowing which you are, or choosing which you will be, is essential to know how exactly to do your taxes.
For sole proprietors, all expenses and income for your business can be declared on your Schedule C form, and you will have to pay Social Security, Medicare, and other self-employment taxes.
For businesses that have at least one business, you’ll need to file as either a partnership or as a corporation. A partnership usually has to pay federal income tax, but will have to file an information return.
C-corporations is its own tax-paying entity, and gets certain deductions that partnerships don’t get. The corporation is taxed on the recipient’s tax return, and at the corporate level.
S-corporations are more like partnerships, because the income flows through your personal tax return.
You should also get a tax ID number, and keep good records of your expenses.
We Can Help You Navigate and Obtain Self-Employment Tax Credits
One of the many self-employed tax deductions available includes the home office tax deduction, where you can file for a tax deduction if you have a desk or other space in your home that is only for your business matters. You can also qualify for benefits to cover automobile expenses and you can also write off reference materials, office and other business supplies, and travel expenses.