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Self Employment

Who is self-employed?

Generally, you are self-employed if any of the following apply to you.

 I don't have any receipts for income or expenses. Can I still file a tax return?

Yes you can. The tax preparers at Express Tax Services will sit down with you and reconstruct your income and expenses for the tax year that you are filing. Please keep in mind that the IRS/state agency may request information regarding the recordkeeping of your business and you may be required to furnish this information. 

I only accept cash payments for my business. Can I still file a tax return?

Yes you can. Please keep in mind that it is vital to keep some sort of record-keeping of the cash that you are receiving for your business.

 I perform various odd-jobs throughout the year for different individuals and collect cash payments. Can I still file a tax return?

Yes you can.  If your net-earnings from self-employment were $400 or more, you are required to file an income tax return.  If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement listed in the Form 1040 instructions.

 How do I make my quarterly payments?

Estimated tax is the method used to pay Social Security and Medicare taxes and income tax, because you do not have an employer withholding these taxes for you. Use the worksheet found in Form 1040-ES, Estimated Tax for Individuals to find out if you are required to file quarterly estimated tax. 

Form 1040-ES also contains blank vouchers you can use when you mail your estimated tax payments or you may make your payments using the Electronic Federal Tax Payment System (EFTPS).

 What is an Employer Identification Number (EIN)?

An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Generally, businesses need an EIN. You may apply for an EIN in various ways, and now you may apply onlineThis is a free service offered by the Internal Revenue Service. You must check with your state to make sure you need a state number or charter.

 Online Learning Tools

The Small Business Taxes: The Virtual Workshop is composed of nine interactive lessons designed to help new small business owners learn their tax rights and responsibilities. The IRS Video Portalcontains video and audio presentations on topics of interest to small businesses, individuals and tax professionals.

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