Self-Employed Tax Return - If there's a buck to me made, you should be the one to make it and keep it.
Lakeline Tax professionals help self-employed individuals with their tax returns. We methodically review your paperwork, receipts, and past tax returns and use the right tax strategies that will help you receive the right deductions and reduce taxes to retain more of your income. We combine income tax prep solutions with other areas of expertise, offering our clients an all-in-one tax solution.
Who is Self employed according to tax laws?
- If you work as an independent contractor
- Are the sole proprietor of a small business.
- Receive a Form 1099-NEC/MISC or instead of a W-2
If you’re self-employed, you know that your tax situation tends to be a little different.
Although independent professionals and business owners have total control over their finances — and can take advantage of many tax benefits that are not available to the average American employee — this freedom comes at a cost.
Many new business owners and independent professionals do not know they have to pay federal, state and self-employment taxes. Planning for the self-employment tax while also taking advantage of the many benefits of independent work is essential to enjoying robust business growth and a stable financial future. (Just in case you don’t already know, self-employment taxes consist of Social Security and Medicare contributions and can be as high as 15.3% of your income.) Check this link for the major benefits of our tax preparation services for small business owners.
If you’re like most professionals, you’d rather not spend your time managing the complex details of your financial structure — your focus is on enhancing your reputation and assuring bottom line growth. Whether you’re a sole proprietor or a small business owner with part time employees and other overhead expenses, talk to an expert at Lakeline Tax and Bookkeeping services to guide you through the record keeping and tax filing requirements that are unique to self employment.
Planning is the key to successfully and legally reducing your Business tax liability tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.