self-employment taxes Archives - BeachFleischman CPAs

Launching a small business? Here are some tax considerations

March 10, 2021 Tax Department Tax Bites health insurance, self-employment taxes, small business, small business tax

For tax purposes, there are many ways to conduct a business. For example, you may operate as an S corporation or a partnership. But many new ventures start out as sole proprietorships. Here are some tax considerations involved in operating with that entity.

Do you run your business from home? You might be eligible for home office deductions

February 27, 2020 November 23, 2020 Tax Department Tax Bites direct expenses, home office, self-employment taxes, tax planning

Do you operate your business from home or perform certain functions at home that are related to your business? You might be able to claim home office deductions on your tax return.

What the self-employed need to know about employment taxes

October 25, 2016 Tax Department Tax Bites modified adjusted gross income, self-employment taxes, tax breaks, tax deductions, W-4 form, withholding rules

In addition to income tax, you must pay Social Security and Medicare taxes on earned income, such as salary and self-employment income. The 12.4% Social Security tax applies only up to the Social Security wage base of $118,500 for 2016. All earned income is subject to the 2.9% Medicare tax. The taxes are split equally[ … ]