The TaxCred Academy

Top Six Tax Tips for the Self-Employed When you are self-employed, it typically means you work for yourself, as an independent contractor, or own your own business. Here are six key points the IRS would like you to know about self-employment and self-employment taxes: 1. Self-employment income can include pay that you receive for part-time work you do out of your home. This could include income you earn in addition to your regular job. 2. Self-employed individuals file a Schedule C, Profit or Loss from Business, or Schedule C-EZ, Net Profit from Business, with their Form 1040. 3. If you are self-employed, you generally have to pay self-employment tax as well as income tax. Self-employment tax includes Social Security and Medicare taxes. You figure this tax using Schedule SE, Self-Employment Tax. 4. If you are self-employed you may have to make estimated tax payments. People typically make estimated tax payments to pay taxes on income that is not subject to withholding. If you...

Do you need to file an extension? PSA can help contact us today!! business line 708-320-9733 or call our office and make an appointment 773-624-9791 Corporate Taxes were due March 15th Individuals/Sole Prop are due April 15th LLC/Partnerships are due April 15th Non Profit taxes are due May 15th Estimated Tax Payments due June 15th Patrice L Stewart "The Tax Daughter" www.patricelstewart.com

Do you have an 8-12 month emergency fund? If not I would suggest starting on that now. Anything is possible job loss, injury etc. You will need enough saved to cover your monthly living expenses at minimum. Patrice L Stewart The Tax Daughter www.patricelstewart.com

Finance Tip: Open a separate bank account for your business. If ever audited gathering paperwork will be a breeze. Plus you want keep your personal and business expenses separate. The Tax Daughter Patrice L Stewart www.patricelstewart.com

Are you unemployed or underemployed and a home owner? If so this program may give you some assistance in paying your mortgage up to 35K for up to 18-24 months, while looking for employment. Illinois was given over 30 million to help home owners. You worked so hard for your home now that you need help go get the assistance you need today! www.illinoishardesthit.org

If there's a will there is a way! If doors are not opening for you sometimes we have to build our own. Live your life and dream big anything is possible with just a little effort! :) Patrice L Stewart "The Tax Daughter" www.patricelstewart.com

Are you filing your returns with an Authorized IRS E-File Provider? You can go to the IRS website to search for one. PSA is listed just type in 60653 and this is what you will see! Plus we are open year round not just 4 months.   We are open year round and provide more than tax solutions, visit our website at www.patricelstewart.com