How To File Taxes If You're Self-Employed

This moderately difficult tutorial walks the self-employed through the steps of filing taxes.

From determining gross income, to determining expenses, it guides you along the way, along with tips and warnings to remember as you fill out your forms and dream up creative deductions. — BEN POPKEN

How to File Taxes if Your Status Is Self-Employed [eHow]

Comments

Edit Your Comment

  1. thrillhouse says:

    yes, self-employed taxes are not simple. I could be wrong – these laws change all the time – but I believe that you are allowed to claim ‘Safe harbor’ for the first year. This means that so long as you pay taxes on the same amount of your taxable income from the prior year, then you are ok. That helps so long as you are making the same or more as a self-employed person as you were workin’ for the man.

    Self-employment can be great, but the price you pay is more complex taxes. A good CPA/tax advisor will go a long way here.

  2. Sudonum says:

    I have been self-emplyeed since 1998 and this is the first time I’ve heard anything about “Safe Harbor”. I had been doing my taxes myself with Turbo Tax, and they really aren’t that difficult for something like a consulting business. But as my business has been getting more complecated with more transactions and income I hired a professional a couple years ago. According to him I hadn’t missed much while using the tax software in the previous years, which was kind of nice to know.