The Small Business Tax Help Blog

Archive for the ‘Self Employment Taxes’ Category

Federal Tax Rates 1913 to 2009 — highest rate 92%

1099 Taxes For Self Employment and Single LLC

Tax Deduction Tips : Social Security Tax Tips

Question: Will Self-employment tax be considered as a tax liability for proposed rebates.?

Will the IRS figure the rebates due a person using just a federal tax liability? or will self-employement tax be consider in the calculation?

Answer: They will just use regular income tax liability. Not other taxes like SE tax.

Home-Based Business Meals and Entertainment Tax Deductions

Question: Quarterly tax payments for an independent contractor?

I just got done paying my 2010 taxes as an independent contractor (self employed). I have never done quarterly payments….this year I owed almost $4,000 in self employment taxes for federal and my state combined. I want to make quarterly payments for 2011, but I have already missed the first deadline….is it better to just pick up with the 2nd payment and make that, the 3rd and 4th payment on time, or not pay quarterly taxes at all? Usually I just pay in a lump sum at the end of the year…I was charged a slight penalty for 2010 but it wasn’t much at all. What should I do, continue with the quarterly payments or just skip it and get on track with them properly next year?

Answer: Neither. Make the first payment now. The penalty for being two weeks late is much less than the penalty for missing the payment completely.

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