Small-business & self-employed surprises at tax time [Video] - Laredo's Bargain Book: Money And Finance

Thursday, March 22, 2018

Small-business & self-employed surprises at tax time [Video]

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Posted: Sunday, February 11, 2018 9:01 am

(BPT) - Block Advisors helps small-business owners understand and anticipate tax surprises. Small-business owners may be surprised to learn when filing their tax return for the first time that in addition to income taxes, they owe another 15.3 percent in self-employment tax on their net self-employment income. That means paying the IRS becomes a quarterly event, which even has estimated tax payments. Tax reform impacts everyone, and eligible businesses will get a 20 percent deduction off their net income provided they meet certain rules regarding income and type of business. Taxpayers who have questions or need help can get matched with a tax advisor online.

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