Pass-through entities sole proprietorships, partnerships, S-corps, and LLCs can benefit from an automatic six-month extension, but only if you handle estimated taxes, Form 8995 QBI worksheets, and timing properly....
Even with automatic extensions, missing the original or extended filing deadline triggers penalties and interest. Whether it’s Form 4868 for individuals or Form 7004 for entities, understanding the IRS’s...
Self-employment tax is a major part of a self-employed individual’s IRS obligations. It includes Social Security and Medicare taxes that would otherwise be withheld from an employee’s paycheck. If...
Self-employment tax is often one of the largest tax obligations for freelancers, consultants, and small business owners. Fortunately, the Internal Revenue Code (IRC) provides several ways to legally minimize...
If you are self-employed, an independent contractor, freelancer, or have significant income without tax withholding, the IRS generally requires you to make quarterly estimated tax payments. Failure to do...
One of the key tax advantages for self-employed individuals is the ability to deduct health insurance premiums directly from their income. This deduction can significantly reduce your taxable income...
Startup Cost Deduction When starting a new business, many costs are incurred even before operations officially begin. Fortunately, the IRS allows business owners to deduct startup costs under specific...
Self-employed individuals have unique opportunities to save for retirement while reducing their current tax liability. Choosing the right retirement plan can significantly impact both your future savings and your...
Business meals and entertainment can be legitimate business expenses, but the IRS has specific rules about what is deductible. Understanding these guidelines is essential to avoid denied deductions or...
If you are self-employed and earned income without receiving a Form 1099, you are still legally required to report it to the IRS. All income is taxable, whether or...