Tips on taxes when you're your own bossBeing self-employed can bring a strong sense of independence and ownership. But like every business, self-employed individuals must still pay taxes.
By: Chuck Myers, McClatchy-Tribune News Service
Being self-employed can bring a strong sense of independence and ownership. But like every business, self-employed individuals must still pay taxes.
The tax rules governing self-employed businesses aren't exactly the same for people who work for a company. A number of websites, however, offer a wide range of information on self-employed tax requirements and planning. Here are just a few:
—Financial Web: Features self-employed taxes overview. http://www.finweb.com/taxes/tax-tips-self-employment-taxes.html
—Internal Revenue Service: Provides links to a variety of self-employed tax topics and resources. http://www.irs.gov/businesses/small/index.html
—Kiplinger.com: Contains host of information about 2010 tax deductions for self-employed. If you made any of the listed purchases before the year ended, you might be able to deduct it from your taxes. http://www.kiplinger.com/columns/taxtips/archive/tax-breaks-for-the-self-employed-and-moonlighters.html
—National Association for the Self-Employed: Resource center loaded with tax news, forms and assistance for the self-employed. http://www.nase.org/KnowledgeCenter/TaxResourceCenter.aspx
—Social Security Administration: Lays out income tax rules for Social Security and Medicare, deductions and reporting earnings. http://www.ssa.gov/pubs/10022.html