Small Business Tax Preparation

As a self-employed individual, generally you are required to file an annual return and pay estimated tax quarterly.

In addition to estimated quarterly tax, self-employed individuals normally must pay self-employment tax (SE tax) as well as income tax. SE tax is a Social Security and Medicare tax primarily for individuals who work for themselves.

I can help you determine if you are subject to either of these taxes by figuring your net profit or net loss from your business.

If your net earnings from self-employment were $400 or more, you have to file an income tax return.