Hi everyone, this is my first year filing self-employment taxes. Any advice on whether or not I should hire a tax accountant or just do them myself? It seems so intimidating and I don’t want to mess it up.
Self employment taxes
Search
Article Categories
Recent Articles
- AFE Fills a Void May 15, 2024
- From Seed to Scale: How Incubators & Accelerators Help Startups May 15, 2024
- Bridging the Gender Gap in Gig Work May 14, 2024
- The Environmental Ramifications of Vehicle-Based Gig Work May 13, 2024
- How to Protect Yourself from Crime Online May 11, 2024
Entrepreneur Magazine
- The Basics of Buying a Franchise May 16, 2024Are you thinking about buying a franchise? We've got all the information you need to help you decide whether franchising is right for you.
- What ROI Should Really Look Like for Your Company's Public Relations Campaigns May 16, 2024Many companies see the value of PR and are willing to invest in it. But they want lickety-split results and to see themselves plastered all over the news.
- This Couple Cashed in Their 401ks to Launch a Virtual Business — Here's How It Led to a 9-Figure Exit and Owning 2 Professional Soccer Teams May 16, 2024How Bryan and Shannon Miles went from tech to breweries to serving drinks in their own soccer stadium.
If you aren't feeling comfortable you should hire a tax person. Depending upon the size of your business, it may become more difficult/ Do you have employees? If not, it may be more straight forward then you think.
You need to file a SE form. Hopefully you've kept track of all the expenses throughout the year because you can deduct them. Things like utilities, rent, supplies to run daily operations, gas mileage, medical insurance, etc. My suggestion is to use each and every single thing you can come up with to use as a deduction. That will be deducted from your overall gross earnings and leave you paying less in taxes, might even result in getting some money back possibly!
Go to the IRS website to find answers too. They're pretty good about offering directions for every form.