Tax Articles

How to File for a Tax Extension

As the tax deadline on April 17th draws near, many Americans realize they may not be able to file their taxes on time. This can obviously be a bit scary, but please don't worry because there is something you can do. 

Filing & Paying Taxes When You’re Self-Employed

Being self-employed can bring you great power, but also great responsibility. Therefore, it is important to remember the tax obligations that come with being your own boss. When you are self-employed, you don’t have an employer withholding taxes on your behalf. Therefore, you are expected to make quarterly estimated tax payments to cover your Social Security, Medicare, and income taxes for the year.

Tax Extension Deadline is October 17, 2018

If you file an income tax extension for the 2017 tax year, you'll be extending your filing deadline by a full six months. Business tax extensions are extended until September 15, 2018 and Personal tax extensions to October 17, 2018!

Know that you can e-file with the IRS on or before the extended filing date, and more information can always be found at IRS.com. The internal revenue service is putting out reminders to filers showcasing some of the often-missed deductions and credits including:

Tax Considerations for the Self-Employed

Every individual taxpayer is ultimately responsible for filing and paying their own taxes. This burden carries additional obligations, however, when the taxpayer is self-employed.

According to the IRS, you are self-employed if “you carry on a trade or business as a sole proprietor or an independent contractor.”