Tax Planning for the Self-Employed

According to the IRS, you are selfemployed if you carry on a trade or business as a sole proprietor, as an independent contractor, as a member of a partnership, or if you are otherwise in business for yourself. You can be a full-time employee and still have self-employment income from a side job. To determine whether particular income is self-employment income (rather than employee wages, for example), you should look at the source of your income and the extent of your involvement in the activity.

If you are selfemployed, you should understand the self-employment tax. You should also be aware of certain tax planning opportunities.

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