Introduction Unlike employees, independent contractors do not have taxes withheld from their payments. Instead, under IRC § 1402, they must pay self-employment tax and income tax directly to the...
Introduction As a self-employed taxpayer, you are responsible for paying self-employment tax and reporting all business income. However, the IRS allows business deductions to help reduce Adjusted Gross Income...
Introduction Freelancers and self-employed individuals must pay taxes throughout the year instead of having them withheld from a paycheck. The IRS requires freelancers to make quarterly estimated tax payments...