Every penny counts when you are self-employed or own a small business. But the good news is that you can take advantage of tax breaks for small businesses that can help you keep more of your hard-earned money.
Filing an annual return and paying quarterly taxes:
If you’re self-employed, you are generally required to file a tax return each year and pay estimated income taxes every quarter as well as self-employment tax (Social Security and Medicare). If you earned $400 or more from self-employment, you generally have to file an income tax return.
Find tax resources and information if you’re self-employed or own a small business:
- Deducting business expenses
- Specific rules for self-employment taxes
- IRS Small Business and Self-Employed Tax Center
- Find your state’s tax agency and learn about specific tax breaks available in your state
- Tax forms and publications for small businesses and the self-employed
- Tax calendar and important dates for small businesses
- Resources and programs for small businesses
- Retirement options and plans for small businesses and the self-employed
- Disaster help and emergency relief for small businesses
Remember, the deadline to file your federal and state income taxes is Tuesday, April 15, 2014.