Self-Employed Tax Return

Self-employed individuals can claim deductions for home offices, travel expenses, supplies, marketing costs, and more. We ensure no deduction is overlooked.

Estimated quarterly payments are made using IRS Form 1040-ES. Failure to pay on time can lead to penalties—working with our Lakeline tax expert helps stay on schedule. We calculate your estimated payments, help you meet deadlines, and create strategies to reduce your quarterly tax burden.

Lakeline Tax provides full audit representation, ensuring you’re supported every step of the way while minimizing penalties.

We help implement easy-to-use customized Excel templates and bookkeeping tools like QuickBooks, ensuring your expenses are accurately tracked and tax-ready.

Absolutely! We assist with resolving back taxes, setting up payment plans, and getting your tax situation back on track.

Yes, if you’re self-employed and not eligible for coverage through a spouse’s plan, you can deduct health insurance premiums directly on your return.

Self-employment tax covers Social Security and Medicare contributions, while income tax is based on your overall earnings.

Self-employed individuals typically need to file IRS Form 1040 with a Schedule C for business income and Schedule SE for self-employment tax.

You can lower your tax liability by deducting business expenses such as home office use, mileage, supplies, and professional services—consulting with a local Tax expert like Lakeline Tax ensures you’re not missing anything.

Yes. Due to the potential for underreported income or undocumented deductions, the IRS often flags self-employed returns—accurate filing and documentation help reduce that risk. 

When you choose Lakeline Tax, you’ll:

• Save thousands of dollars through optimized deductions and credits.
• Avoid late fees and penalties by staying compliant and meeting deadlines.
• Gain clarity and confidence in your financial decisions.
• Enjoy more time to focus on your business and personal life.

Valid business expenses include software, internet, marketing, contract labor, and even professional tax services like those offered by Lakeline Tax.

It depends on your income and liability needs. A tax advisor can help determine the best entity structure to minimize taxes and protect assets.

Missing deductions, failing to track expenses, late quarterly payments, and not setting aside enough for taxes are frequent errors self-employed individuals make.

Yes. Lakeline Tax offers tax and bookkeeping services tailored for self-employed professionals and freelancers to keep finances organized year-round.

Why Our Bookkeeping Services Stand Out?

• Accuracy & Satisfaction Guarantee: Our reports are reviewed by tax accounting professionals for quality and compliance.
• Expertise Beyond Compare: Our Certified QuickBooks Pro Advisors bring a wealth of experience to the table, ensuring your financial records are in capable hands. We are deeply knowledgeable about tax regulations and accounting practices.
• A Beacon of Authoritativeness: Recognized by the industry and armed with certifications, Lakeline Tax and Bookkeeping stands as a beacon of authority in professional bookkeeping services. We are dedicated to upholding the highest standards of accuracy and compliance.
• Trustworthy Partner: Our client testimonials attest to our trustworthiness and dedication. We maintain transparency and integrity in all our interactions, guaranteeing peace of mind for our clients.
• Personalized Service: Dedicated account managers familiar with Austin’s business landscape.
• QuickBooks ProAdvisors: Certified experts to optimize your accounting software.
• Tax-Smart Bookkeeping: Entries aligned with IRS requirements to reduce errors and penalties.
• Transparent Pricing: No hidden fees; clear, upfront costs.
• Integrated Tax Planning: Seamless coordination between bookkeeping and tax strategies.
• Local Expertise: Serving Austin, Cedar Park, Leander, and Round Rock with in-person and virtual support.

With high 5 STAR Google reviews praising their expertise, speed, and friendly service, Lakeline Tax is a trusted local partner for hassle-free tax filing and compliance.

Most start with an LLC for its liability protection and tax flexibility. Depending on income, electing S-corp status may help reduce self-employment taxes.

LLCs enjoy pass-through taxation, avoiding double taxes. You may also deduct business expenses and elect S-Corp treatment for additional savings.

Yes, but timing matters. Lakeline Tax can help you switch entities with minimal disruption and maximum tax benefits.

A DBA (Doing Business As) is just a name. It doesn’t offer legal protections like an LLC does. Our advisors at Lakeline Tax analyze your income and risks to help you decide the correct entity structure for your business.

Absolutely. The wrong choice can cost thousands in taxes or expose you to liability. Lakeline Tax experts helps you avoid costly mistakes.