Prepare For Self-Employment Taxes?
If you are self-employed or an independent contractor, are you prepared for self-employment taxes? If you have income up to $140k, you will owe approximately $21k just for FICA taxes itself. FICA taxes (or commonly referred to as self-employment taxes) comprised social security and medicare taxes. In addition, there is a 2.9% tax that applies to all self-employed income above the base amount of $142k. Do you know that there is a way to reduce your taxes legally especially if you are self-employed? With Proactive Tax Planning, you can save thousands of dollars by reducing your tax liability legally.
Not sure what to expect and how you would benefit from tax planning? Please do not hesitate to call us at (832) 295-3353 to schedule a tax planning introduction meeting. You can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php. Last but not least, please like and share our daily posts.