{"id":2135,"date":"2014-12-09T23:26:55","date_gmt":"2014-12-09T23:26:55","guid":{"rendered":"http:\/\/www.lmgw.com\/?p=2135"},"modified":"2014-12-09T23:26:55","modified_gmt":"2014-12-09T23:26:55","slug":"tips-for-self-employed-taxpayers","status":"publish","type":"post","link":"https:\/\/lmgw.com\/wordpress\/services\/tax\/tips-for-self-employed-taxpayers\/","title":{"rendered":"Tips for Self-Employed Taxpayers"},"content":{"rendered":"<h2><span style=\"font-size: 13px;\">If you are an independent contractor or run your own business, there are a few basic things to know when it comes to your federal tax return. Here are six tips you should know about income from self-employment:<\/span><\/h2>\n<ul>\n<li>Self-employment income can include income you received for part-time work. This is in addition to income from your regular job.<\/li>\n<li>You must file a Schedule C, Profit or Loss from Business, or Schedule C-EZ, Net Profit from Business, with your Form 1040.<\/li>\n<li>You may have to pay self-employment tax as well as income tax if you made a profit. Self-employment tax includes Social Security and Medicare taxes. Use Schedule SE, Self-Employment Tax, to figure the tax. Make sure to file the schedule with your tax return.<\/li>\n<li>You may need to make estimated tax payments. People typically make these payments on income that is not subject to withholding. You may be charged a penalty if you do not pay enough taxes throughout the year.<\/li>\n<li>You can deduct some expenses you paid to run your trade or business. You can deduct most business expenses in full, but some must be &#8216;capitalized.&#8217; This means you can deduct a portion of the expense each year over a period of years.<\/li>\n<li>You can deduct business costs only if they are both ordinary and necessary. An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and proper for your trade or business.<\/li>\n<\/ul>\n<p>Questions? We have answers. Give us a call!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are an independent contractor or run your own business, there are a few basic things to know when it comes to your federal tax return. Here are six tips you should know about income from self-employment: Self-employment income can include income you received for part-time work. This is in addition to income from [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2135","post","type-post","status-publish","format-standard","hentry","category-tax"],"_links":{"self":[{"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/posts\/2135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/comments?post=2135"}],"version-history":[{"count":5,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/posts\/2135\/revisions"}],"predecessor-version":[{"id":2167,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/posts\/2135\/revisions\/2167"}],"wp:attachment":[{"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/media?parent=2135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/categories?post=2135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/tags?post=2135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}