Category Archives: Self Employment Tax

Making the Switch to EFTPS

Beginning in 2011, taxpayers will no longer be able to make tax deposits (e.g. employment tax, excise tax, corporate income tax) using Form 8109, the Federal Tax deposit Coupon. These deposits must be made using the EFTPS (Electronic Federal Tax … Continue reading

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Deduct Medical Premiums for SE Tax

Individuals who are self-employed may deduct their health insurance premiums in the calculation of self employment income on 2010 tax returns. Self-employment income is taxed at 15.3% so this will be a major benefit to self-employed individuals. -EAE

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CIRCULAR 230 DISCLAIMER: ADVICE, ARTICLES AND COMMENTARY INCLUDED HEREIN DO NOT CONSTITUTE AN OPINION AND ARE NOT INTENDED OR WRITTEN TO BE USED, AND THEY CANNOT BE USED, BY ANY TAXPAYER FOR THE PURPOSE OF AVOIDING PENALTIES THAT MAY BE IMPOSED ON THE TAXPAYER.