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Tax Deduction Consulting: Self Employed Taxes Washington DC

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.

Joseph Bonaccorsy
2011 Crystal Dr.
Arlington, VA
Company
Title: Financial Advisor
Company: Core Advisory, LLC
Type
Registered Investor: Yes
Education
Florida Tech /CFP
American Intercontinetal/BA - Maga Cum Laude
Institute of Business Finance/MSFS
Years Experience
Years Experience: 15
Service
Wealth Management,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Stock Market Alternative,Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribu

Data Provided by:
Barbara J. OLeary (RFC®), CEP
(703) 370-7666
101 South Whiting Street Suite 203
Alexandria, VA
Qualifications
Years of Experience: 18
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Healthcare Accounts, Compensation Plans

Data Provided by:
B. Frank Doe (RFC®), CFP, MBA
(703) 272-7177
10560 Main Street, Suite 316
Fairfax, VA
Company
Frank & Darby Doe
Qualifications
Education: MBA
Years of Experience: 33
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Annuities

Data Provided by:
Jackson Hewitt
(202) 588-1885
251 Florida Avenue
Washington, DC

Data Provided by:
Multistate Tax Commission
(202) 624-8699
444 N Capitol St NW Ste 425
Washington, DC

Data Provided by:
Charles Stough
1940 Duke St, Suite 200
Alexandria, VA
Company
Title: LPL Wealth Planner
Company: WealthPath LLC
Type
Investment Advisor Rep: Yes
Education
University of Oklahoma/MHR
University of Florida/BA
Years Experience
Years Experience: 7
Service
Pension for Highly Compensated Owners,Income for Life/ Preserve Principal,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Annuities,Alternative Asset Class Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planni

Data Provided by:
Mr. Vijay K. Khetarpal (RFC®), CFP, CHFC, CLU
(703) 356-4888
8607 Westwood Center Dr #300
Vienna, VA
Company
Integrity Financial Group, LLC
Qualifications
Education: B.A (Honors) Economics, St. Stephens College, DelhiAll India HS Humanities, Mayo College, Ajmer
Years of Experience: 27
Membership
IARFC, MDRT, FPA, SFSP, NAIFA
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. Martin J. Beeson (RFC®), CEP, CSA
(866) 388-0110
2135 Defense Hwy Ste 6
Crofton, MD
Company
The Planning Companies
Qualifications
Years of Experience: 19
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell

Data Provided by:
Express Tax Svc
(202) 332-0400
1541 7th St NW
Washington, DC

Data Provided by:
Ari Group Llc
(202) 723-5059
1731 7th St Nw
Washington, DC

Data Provided by:
Data Provided by:

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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