The general rule is that any ordinary and reasonable expense you pay while conducting a business activity is deductible in ...

As we step into 2025, understanding the fiscal responsibilities of self-employed individuals is crucial. Social Security taxes form a significant part of these obligations.

Self-employed business owners can deduct the full purchase cost of qualifying equipment bought or financed after 2017. The limit in 2018 was increased from $500,000 to $1 million.

This under-reporting translated to unpaid self-employment taxes of $3.9 billion to Social Security and another $900 million to Medicare.” Who’s most vulnerable in the self-employed arena?

Are you self-employed? You might be, even if you don’t own or run an official business. Self-employment means you work for yourself, and it comes in many forms.

Filing taxes when you’re self-employed can be, well, taxing. But there are steps you can take to make the process easier. The steps are: 1. Start early: Mark when tax returns are due.