Most Americans have taken care of their tax filing obligations for the year. But if you’re your own boss, you may not be like most Americans. Getting in touch with qualified tax preparers such as the Wilton Manors accountants of Sterling Accounting may be in your best interest.
As CNBC points out, if you have income from a side gig or freelancing, you’ve already missed the June 15 deadline to pay your quarterly taxes. According to CNBC:
Also, although the new tax law that took effect Jan. 1 lowered rates individual tax rates and created a 20 percent deduction for qualifying earnings for solo workers (and other business entities that have so-called pass-through income), it doesn’t take much to owe the IRS.
If you have net income — your business income less expenses — of at least $400, that amount is subject to the 15.3 percent self-employment tax.
That levy comprises a 12.4 percent Social Security tax and 2.9 percent Medicare tax and applies to income up to $128,400 in 2018 (up from $127,200 in 2017).
To make sure you don’t get caught flat-footed by estimated quarterly taxes, it’s wise to set aside a portion of your earnings each month.
You also may want to consult an expert like the Wilton Manors accountants of Sterling accounting. One of our specialties is tax preparation. We’re expert in handling tax matters for individuals as well as small, medium and large businesses. We can also help you find tax deductions you may have otherwise overlooked.
Our Wilton Manors accountants offer sound advice on both short- and long-term tax strategies. In addition to tax advice, we offer full-service business accounting.
With over 15 years of experience, Sterling Tax & Accounting Services located in Wilton Manors, Florida, can take the following off of your hands: Accounts Receivable, Accounts Payable, Accounts Reconciliation, QuickBooks® Set Up and Training, Small Business Payroll, Processing Small Business Quarterly Tax Reporting, Annual Government Filing, & Financial Statements. Sterling Tax & Accounting Services provides bookkeeping services to help you with your small business accounting using QuickBooks® business accounting software.