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.
What do I need to know about taxes as a self-employed person?
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.
How do I calculate my self-employment tax?
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.
Are there any deductions I can take?
Yes, you can deduct business expenses such as home office costs, supplies, and travel expenses related to your business.
When is the deadline for filing my taxes?
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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