If you’re self-employed, you already know the sting of that first tax bill. Between federal income tax and the 15.3% self-employment tax (covering both the employer and employee portions of Social Security and Medicare), freelancers, contractors, and small business owners can easily face effective tax rates of 30-40%. Self-Employment Taxes Are Brutal — But Deductions […]
Tax Day has been pushed back to May 17th this year due to lingering complications from the COVID-19 pandemic. Normally, Tax Day would fall on April 15th — but, whenever you get your tax return — millions of Americans will enjoy that money hitting their bank accounts. This has been a long, long year of […]
No one enjoys paying taxes, but the tax return that comes around each April is something to look forward to. However, entrepreneurs need to manage their taxes more carefully than traditional employees. While self-employment certainly has its perks, you have to be prepared to manage your own taxes in order to accurately file them each […]
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