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Essay / Self-Employment Tax Help - 974
Self-Employment Tax Help is helpful this time of year because there's still time to put things right if you haven't compiled your taxes - and, most importantly, your deductions. . Only half the year is over, so July is a good month to get your affairs in order. Take advantage of self-employment tax assistance in 2013 and it will pay off in 2014. Being self-employed is a dream for many people. Who doesn't dream of becoming their own boss? However, when it comes to work, the downside of being the boss is all the obligations that come with the job. Unfortunately, calculating and paying taxes is one of those tasks. That's why you need self-employment tax help if you're self-employed, a small business owner, or otherwise self-employed. According to the Internal Revenue Service (IRS), you are considered self-employed "if you are in business for yourself, or operate a trade or business as a sole proprietor or independent contractor." The IRS requires self-employed workers to pay a self-employment tax, which assesses Social Security and Medicare taxes similar to those paid by employees and their businesses. The IRS also expects self-employed workers to pay quarterly estimated taxes in lieu of withholding taxes applied to an employee's wages. These factors make complying with the tax rules for self-employment more complex than the rules that apply to employees. Don't go it alone: get self-employment tax help that will simplify your action plan. With that in mind, here are some tips that provide tax help for self-employment: Consult a certified public accountant. Even if you plan to do everything yourself, it's best to look for independent work outside...... middle of paper...... in any part of your home ? Many small business owners have at least one room dedicated to some aspect of their business, whether it's keeping shipping equipment in the garage or a bedroom converted into an office or storage space . With so many small businesses operating partially or entirely out of people's homes, the IRS allows business owners to deduct a percentage of rent, mortgage payments, utilities and maintenance for qualifying home offices. The IRS has strict requirements for these deductions, however, so it is advisable to consult a CPA and find self-employment tax help regarding your particular situation. You want to be sure without a doubt that your home office qualifies. With these self-employed and self-employed tax tips, you'll discover all the self-employment tax help you need for the tax year 2014..