Archive for Self Employment Tax

Real Estate And The Net Investment Income Tax And Self-Employment Tax.

Brett Thompson, Tax Advisor, Katy, TX, TaxConnections

If you are planning or are actually doing a real estate business, either as an investor or as an active participant, you will have to deal with the these:

Net Investment Income Tax: If you have net investment income and your modified adjusted gross income exceeds $250,000 for married persons filing jointly, then there is a 3.8% tax on the lesser of (1) your net investment income, or (2) the amount your modified adjusted gross exceeds the threshold amount.  Note that self-employment income is not net investment income. Read more

Top 3 Tips For Handling Self-Employed Taxes

MileIQ, Tax Advisor

For self-employed individuals, there are a lot more steps involved when it comes to taxes than for most people. Here are some tips to help you keep as much of your hard-earned money as you can.

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Self-Employed? How To Calculate, Pay Estimated Taxes For Beginners

MileIQ, Tax Advisor

If you’re self-employed, paying estimated taxes is old hat by now. But, what if this is your first time doing it? Here’s how to calculate and pay estimated taxes for the first time.

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The Guide To Organizing Finances For Freelancers

MileIQ, Tax Advisors
Many freelancers have trouble organizing their finances. This article walks you through how to organize finances for freelancers.

How to Organize Finances for Freelancers

The best way to organize your finances as a freelancer is to become more aware of both your business expenses and your personal expenses. This means that every month you should have a month-end budget/financial statement for your business as well as one for your personal life. This will help you understand your cash flow and organize your finances.

In order to create these month-end statements, you’ll need to organize your finances using the following three steps:

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Self-Employment Tax Rules Apply To Disregrarded Entities

Ronald Marini

Self-Employment Tax Rules Apply To Partnerships, IRS Says


Members of a partnership that owns a so-called disregarded entity, or a business that has a single owner and is not a corporation, are not exempt from self-employment tax rules, the Internal Revenue Service Read more

Driving For Uber – The Tax Consequences

John Stancil

You have decided to take the plunge and become a driver for Uber, Lyft or some other rideshare program. Congratulations! You are now a small business owner and your tax return just got more complicated. The income you earn from Uber is taxable and must be reported on Schedule C of your 1040. However, you may deduct expenses incurred in earning this income.

In January, you should receive a Form 1099-MISC from Uber or whatever company you drive for. The amount should be Read more

New Court And IRS Rulings – March 2016

Mortgage Broker­ – No Self Employment Tax.

A broker who managed mortgages received a fee when he sold his house used as a personal residence. He reported the commission as self employment income but the IRS said he has to pay self- employment tax on the commission. The Tax Court overruled the IRS stating that the commission was not subject to self­employment tax because the sale relates to a personal transaction [Guarino, TC Sum. Op. 2016­12].

Deduction Denied for Amounts Paid to Children. Read more