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Many low-income taxpayers may not have a filing requirement if their income falls below the current standard deduction amount.  That does not mean that you should not file taxes. Did your employer withhold federal and state taxes from your pay? Do you qualify for a refundable tax credit? Did you have income from self-employment over $400.  These may all be reasons you want to file or are required to file.  We are here to help. Make an appointment and let us help you decide if filing is a benefit or requirement.

Congratulations on becoming a business owner! You are now the "employer" and the "employee" and responsible for paying your federal income tax, your state income tax, if any, and your social security and medicare taxes.  A sole-proprietor is the most common type of small business owner.  You will still file a Federal form 1040, but you will report your self-employment income on a Schedule C and calculate the amount of social security and medicare tax (self-employment tax) you owe on a Schedule SE.  You are also responsible to make estimated tax payments. Make an appointment and we can help you understand this new tax situation.