MagicBuddy

What do I need to know about taxes as a self-employed person?

An example of an AI chatbot conversation about self-employed taxes and filing requirements.

😀
You

What do I need to know about taxes as a self-employed person?

MagicBuddy
MagicBuddy

As a self-employed individual, you need to report your income and pay self-employment taxes. This includes both income tax and Social Security/Medicare taxes.

😀
You

How do I calculate my self-employment tax?

MagicBuddy
MagicBuddy

To calculate your self-employment tax, you'll need to determine your net earnings from self-employment, which is generally 92.35% of your gross income.

😀
You

Are there any deductions I can take?

MagicBuddy
MagicBuddy

Yes, you can deduct business expenses such as home office costs, supplies, and travel expenses related to your business.

😀
You

When is the deadline for filing my taxes?

MagicBuddy
MagicBuddy

The deadline for filing your federal taxes is typically April 15th, but it can vary if it falls on a weekend or holiday.

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What can MagicBuddy do?

Meet MagicBuddy 👋
The Friendly AI in Your Pocket

Powered by advanced language models trained on billions of online words and conversations, MagicBuddy delivers friendly and helpful chat on demand.

Ask questions and get answers. Crack jokes and get laughs. Or even get writing ideas and study help. MagicBuddy's conversational intelligence allows for a truly unique and useful chat experience.

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