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Tax Deduction Consulting: Self Employed Taxes Brigham City UT

Self employed people form a huge percentage of the economy in the United States. Unfortunately, this means self employed taxes are a popular subject with the IRS and state tax agencies. For more detailed information please read on the following article.

Mr. Gregory W. Williams (RFC®), CFP, CHFC, CLU, LUTCF, MSFS
(801) 453-2271
6340 South 3000 East, Suite 500
Salt Lake City, UT
Company
Exit Strategy Specialists, LLC
Qualifications
Years of Experience: 26
Membership
IARFC, MDRT, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Asset Protection, BuySell, Compensation Plans

Data Provided by:
H&R Block
(801) 356-1356
990 S UNIVERSITY Ave
PROVO, UT

Data Provided by:
Liberty Tax Service
(866) 871-1040
55 W Main St
Lehi, UT

Data Provided by:
H&R Block
(801) 733-0847
3438 BENGAL BLVD
SALT LAKE CITY, UT

Data Provided by:
H&R Block
(435) 644-2071
40 E CENTER
KANAB, UT

Data Provided by:
Mr. A. Wayne Margetts (RFC®), LUTCF
(801) 532-1871
175 S Main St, Ste 1050
Salt Lake City, UT
Company
LPL
Qualifications
Education: BSc (Math)MBA
Years of Experience: 16
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
H&R Block Premium
(801) 355-4649
888 S 200 E STE B
SALT LAKE CITY, UT

Data Provided by:
Liberty Tax Service
(866) 871-1040
6223 Highland Dr
Salt Lake City, UT

Data Provided by:
H&R Block
(801) 334-4002
5845 E AVE BLDG 412
HILL AFB, UT

Data Provided by:
H&R Block
(801) 766-2308
1438 E MAIN STE 8
LEHI, UT

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Tax Deduction Consulting: Self Employed Taxes

Self Employed Taxes

Self employed people form a huge percentage of the economy in the United States. Unfortunately, this means self employed taxes are a popular subject with the IRS and state tax agencies.

As a self employed person, the IRS views your business as a pass through entity. A pass through entity is simply one in which all business finances are recorded on your personal tax return. In essence, the taxes related to the business pass through to your personal runs, hence the name.

Typically, you are going to report all business income, deductions, credits and so forth on Schedule C of form 1040. "Profits or Losses from Business" is the title of the Schedule and you will fill it out and file it in congruence with your person taxes on the 1040 tax form.

With your self employed taxes, the profit of your business activities is the magic number from which taxes are determined. Typically, the profit for the business activities will be gross revenues minus tax deductions and credits. Allowable deductions vary from business to business, but generally are those incurred in the pursuit of a profit. Such deductions can include marketing costs, business auto expenses, banking fees, business credit card interest, business cell phone usage and so on.

Estimated taxes are a particular downside to being a self employed business person. The IRS isn't willing to wait to the end of the year to collect your business taxes. Instead, the agency wants to money as soon as it can get it, a process better known as paying estimated taxes. To pay estimated taxes, you need to guesstimate your yearly profit and send in one quarter of the taxes due on that amount each quarter of the year. Don't worry about forgetting to do it. The IRS will send you coupons and forms to make sure the money comes in!

Perhaps the worst tax issue with being self employed is the much hated self-employment tax. A person receiving a salary from a company is use to seeing money deducted for FICA, M...

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