98 tagged with "Self-Employment"
Learn about self-employment taxes, LLC owner compensation, and freelancer financial management
Adjusted Gross Income (AGI): What It Is, How to Calculate It, and Why It Matters
AGI—the number on Line 11 of Form 1040—determines your taxable income, credit eligibility, and itemization thresholds. This guide covers how to calculate it for 2026, how it differs from MAGI, and five strategies to reduce it, from maxing retirement contributions to Qualified Charitable Distributions.
California State Taxes: A Complete Guide for Individuals and Small Business Owners
California's 9-bracket income tax tops out at 13.3%, LLCs owe an $800 minimum franchise tax plus gross-receipts fees, and the state diverges from federal law on bonus depreciation and NOLs—this guide covers rates, filing thresholds, entity-specific rules, deadlines, and planning strategies for the 2025/2026 tax year.
Clothing Tax Deduction: What You Can (and Can't) Write Off
The IRS two-part test disqualifies suits and business attire but allows uniforms, protective gear, scrubs, and branded items. Here's exactly what qualifies as a clothing deduction and how self-employed workers claim it on Schedule C.
Estimated Tax Payments: A Complete Guide for Freelancers and Small Business Owners
Self-employed workers and freelancers who skip quarterly estimated tax payments face IRS underpayment penalties even when they file on time — here's how the pay-as-you-go system works, how to calculate what you owe each quarter, and how the safe harbor rule protects you from guessing wrong.
FICA Tax: A Complete Guide for Business Owners and Employees
FICA taxes fund Social Security and Medicare at a combined 15.3% rate — 7.65% each from employer and employee. Covers 2026 rates, the $184,500 Social Security wage base, self-employment tax rules, exemptions, and the compliance mistakes that most commonly trigger IRS penalties.
Form 1099-K: Complete Guide for Freelancers, Sellers, and Small Business Owners
The 2025 $20,000/200-transaction threshold for Form 1099-K is reinstated—here's what freelancers, gig workers, and online sellers need to know about reconciling gross receipts and reporting taxable income correctly.
IRS Audit Without Receipts: What to Do When You Can't Find Your Documentation
Facing an IRS audit with missing receipts? Learn how the Cohan Rule lets you claim deductions without documentation, which expense categories require strict proof, and how to reconstruct records step by step to minimize your tax liability.
Tax Deductions for Therapists: The Complete Guide to Maximizing Your Write-Offs
Therapists in private practice can claim deductions for office space, telehealth software, continuing education, malpractice insurance, and retirement contributions — this guide covers every major write-off plus the ones most practitioners miss.
Above-the-Line Deductions: The Complete Guide to Reducing Your Taxable Income
Above-the-line deductions reduce your Adjusted Gross Income before you choose between standard and itemized deductions—making them available to virtually every qualifying taxpayer. This guide covers all 11 adjustments for 2026, including self-employment tax, HSA contributions, IRA deductions, and the new no-tax-on-tips provisions.
Bookkeeping and Tax Debt: What Small Business Owners Need to Know
Poor bookkeeping is the root cause of most small business tax debt -- the IRS assessed $84 billion in civil penalties in a single year. This guide explains how messy records lead to inflated tax bills, how to reconstruct your books, and which IRS resolution options (installment agreements, FTA, OIC) are available once you know what you actually owe.
Form 1040-ES: A Complete Guide to Quarterly Estimated Taxes
A practical guide to Form 1040-ES—who must file, how to calculate quarterly estimated payments, 2026 due dates, the safe harbor rule, and how to avoid IRS underpayment penalties as a freelancer or small business owner.
Form 1099-NEC: The Complete Guide for Businesses and Contractors
Step-by-step guide to Form 1099-NEC — who must file, the $600 threshold (rising to $2,000 in 2026), the January 31 deadline, the penalty schedule ($60–$340 per form), and how to avoid the most common contractor reporting mistakes.