Tag Archives: self-employed

The Simplified Option for Home Office Deduction

Man sat at a computerIf you’re one of the more than 3.4 million taxpayers who claimed deductions for business use of a home (commonly referred to as the home office deduction)–but haven’t taken advantage of it because you thought it was too complicated–then you might be interested in the simplified option. Continue reading

Estimated Tax Payments: Q & A

bigstock--175573642Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, and rent, as well as gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough. If you do not pay enough by the due date of each payment period you may be charged a penalty even if you are due a refund when you file your tax return. Continue reading

Tax Tips for the Self-Employed

Executive woman working on laptop computerIf you are self-employed, you normally carry on a trade or business. Sole proprietors and independent contractors are two types of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. If you’re self-employed, here are six important tax tips you should know about: Continue reading

Going Solo?

accountant can help those self-employedToday’s blog post for Lahrmer and Company, LLC is provided by Todd Pouliot at Gateway Financial:

It’s estimated that more than 53 million Americans are now part of the nation’s growing freelance workforce; this figure includes small-business owners, contract workers, consultants, and others who work on a project basis.  Self-employed workers may enjoy the flexibility and control, but without help from an employer they often must take extra steps to strengthen their financial positions. Continue reading