Tax Tips Self-Employed People Should Keep In Mind

It’s tax season, meaning if you’re self employed, there are things you’re going to have to do a little differently. First, know that you are responsible for your Social Security and Medicare taxes.

Next, it’s important to know what kind of entity you are. If you’re a sole proprietor, your business income will be reported on a Schedule C. If you are a part of a partnership or corporation, there are other things you have to do and should consult an accountant.

There are a few tax deductions you can claim. You can claim deductions for vehicle expenses. You can also claim reductions for office space, supplies and travel expenses.