Question by Sean: If you aren’t self-employed and pay 100% of your health insurance, can you deduct from your taxes?
When I was working for a company that paid 80% of health insurance and I paid 20%, the 20% that I paid from pre-tax. Now, that I pay 100% of my health insurance privately, I don’t get a tax deduction? Or do I and where on the 1040. I’m not self-employed, I work under a…

Question by asif k: Do you think self employment is the road to riches?
Is it more realistic to attain financial freedom being a business owner as opposed to regular employment?, even if you have a well paying job.
Best answer:
Answer by homeward07
no
Add your own answer in the comments!

Question by Si M: Do I need a separate bank account if self employed?
I am planning on going self employed. I do not anticipate my turnover being over £3000 in the first year. Will I need a different bank account for this, for inland revenue and the like. I currently only have a cash card account and would be able to deposit and withdraw money to and from this. Any advice will be gratefully…

Question by Mary Anne Ellifritz: Is self-employment tax included as net income tax liability?
I only have income from self-employment and that seems to have affected by recovery rebate credit.
Best answer:
Answer by the tax lady
The RRC is the income LESS the 1/2 of SE tax.
So to qualify, you had to have at least $ 3400 of income.
Know better? Leave your own answer in the comments!

Question by Nicholas C: How do I reduce “self-employment” taxes?
I’m new to “self-employment” taxes and didn’t save ANY receipts from my guest lecturing work at a local college. What kind of deductions can I SAFELY make w/out getting audited by the IRS?
Best answer:
Answer by v b
None.
You need to look through your credit cards and figure out rental cars (these are usually okay since you can’t buy extras at a rental car…

Question by MSpsych: How much is self employment tax?
I am a contract worker which is considered being self employed. How much do I need to set aside out of each check for taxes?
Best answer:
Answer by Clive L
The same as any other income earner. To play safe, you should set aside 25% to 28% of your income.
However if you know approximately how much you expect to earn in twelve months then just…

Question by mistagenki: What are the tax advantages for the self employed 1st time home buyer?
Since I pay estimated taxes quarterly, and California property taxes can be paid annually or semiannually (April/December), what advantage does this have for self employed like myself?
Self employed for over ten years, so I know enough about personal deductions and maximizing expenses. That’s not what I am asking. I am specifically inquiring about past experience with property…

Question by Dick Whitman: If I pay quarterly self employment taxes to the IRS, do I also need to pay them to my state?
I just started a freelance job and will therefore need to make self employment tax payments to the IRS. Will I also need to do this for my state? I live in California.
Thanks
Best answer:
Answer by Doyle
If there is a state income tax in California, then I would say…

Question by Gaura: What expenses are deductible from self-employed income ?
I do store to store self-employed sales. What sort fo expenses can I deduct ? If I didnt bother keeping any receipts, so can I still claim a deduction ?
Best answer:
Answer by Carl M
no receipt = don’t claim the deduction. Since you will file as a small business, you are more likely to get red-flagged. If you kept the receipts, you could…

Question by Angel222: Hello. Is there any way to reduce the self employment tax as an independent contractor?
I will make 10000 in 2008 and am wondering if there is any way to reduce the self employment tax so I don’t have to pay the ,000 or whatever it may be.
Best answer:
Answer by Helen, EA in PA
You can use your qualified expenses to reduce the gross income.
Helen, EA in PA
Give your…