Have you ever wondered how to file self-employment taxes or how to pay taxes as a freelancer? You’re not alone.
Owning your own business can be an amazing experience, both personally and professionally. You get to be your own boss and call the shots! Some of the decisions you’ll have to make can be agonizing, but not when it comes to taxes. Look no further than the leaders in filing taxes for self-employed and freelance individuals (also known as independent contractors), 1-800Accountant.
1. What qualifies someone to file taxes as self-employed or freelance?
2. What commission requirements do they need to meet?
3. Which forms and documentation are needed?
Finding the answers to these critical questions can be confusing, which is why 1-800Accountant is here to help.
Open a business bank account to create a single source of your self-employment income.
Typically, you are required to file an annual return and pay an estimated tax quarterly. You have to file an income tax return if your net earnings from self-employment are $400 or more. If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement listed in Form 1040 and 1040-SR.