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self employment tax

January 9, 2025

What Is Self-employment Tax: Rates & Calculations

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Self-employment tax consists of Social Security (12.4%) and Medicare (2.9%), for a total of 15.3%. It is assessed on income earned and must be paid even if you don’t receive a 1099-MISC for your services. If you’re a sole proprietor, freelancer, general partner, or independent
Close up shot of a man's hand filling up a form.

January 9, 2025

How To Complete Form 1120S & Schedule K-1 (+Free Checklist)

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The filing of Form 1120S is required annually for every S corporation (S-corp). The return includes a combination of financial data and questions about the nature and operations of the business. We’ll cover how to enter the financial information and do an in-depth dive into
A woman pointing at a chart.

September 17, 2024

IRS Business Expense Categories List [+ Free Worksheet]

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The list below includes the most common business expense categories that a small business may encounter; it’s not an exhaustive list. In general, you may deduct expenses that are ordinary and necessary for your business. The IRS website defines “ordinary” as something common for your
Stacked coins with arrow pointing downward to imply depreciation.

August 16, 2024

What Is Bonus Depreciation? How It Works & How to Calculate

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Bonus depreciation is a form of accelerated depreciation that offers an immediate tax deduction, speeds up tax savings, and makes an asset that you placed in service more affordable.

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