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Self-Employed Tax Help

How much should I save for taxes?

If you’ve set this percentage of gross business receipts aside to pay your taxes:

  • 25% – Gross more than $250K
  • 20% – You should be in good shape
  • 15% – Light but may turn out to be adequate
  • 10% – Will be short
  • 5% – At least you did something
  • 0% – Still file your tax returns even if you are unable to pay

Are you your own boss? Congratulations! There is a world of freedom that you have as a self-employed person. However, it also means that you are very likely responsible for the paperwork, accounting, and taxes for your entire operation.

It’s a daunting task to be your own business.
The good news: Geoff Goudy could be your financial best friend!

Scads of self-employed people have called on Geoff to be a sounding board for their self-employment woes, treasuring his valuable advice as well as his accounting services. Tax advice for self-employed people is never straightforward, but Geoff’s strength is his flexibility and open ear—he can see your situation for what it is, and give you answers specific to your problems.

Common issues Geoff hears from clients include:

Estimated Taxes

How do you know if and when you need to pay estimated taxes? You can incur fines and interest on taxes owed if you’re not vigilant about calculating tax. Geoff will break it down for you, and then help you plan to have cash ready when your estimated payments are due.

Who is eligible for a 1099 form

If you’ve earned over $600 from a company for whom you are not considered an employee, you will most likely need to be issued a 1099. A non-employee worker is classified as an “Independent Contractor” if a business issues him or her a 1099 form, and in most cases the worker must then file taxes as a self-employed person. But what if you’re ignorant about deductions, mileage logs, recordkeeping and other elements of self-employment? Geoff can help.

Deductions

There are some obvious deductions, like home office expenses, mileage, and business lunches. But which important deductions might you be missing? And how much of the total expense can you deduct? Geoff will point to your potential deductions and ensure that you’ve calculated them correctly to avoid potential audits down the line.

Geoff has ample experience with sole proprietorships and independent contractors. Give him a call today and get answers to your most pressing questions, or enlist him as your business accountant (and financial best friend!) Most importantly: don’t go it alone. Elements of self-employment financials that you’re unsure about now could come back to haunt you.

Geoff’s reasonably priced consultations and tax services could get you out of trouble before you know you’re in it!

Check out the Self-Employment FAQs. Tax advice for self-employed people is a service Geoff is always happy to provide—even for free!