Self Employment Tax Tips

Summary: So you work for yourself, piling up the cash for those contract jobs, thinking you may just have saved up enough for that new monitor or computer that will make your job so much easier... but that was until you sat down to do your self-employment taxes. Turns out that you owe almost as much as you saved up! Little did you know that self employment tax chews up close to thirty percent of your income. Now you are desperate to reduce the amount you have to pay, if just by a little but hopefully by a lot. Fortunately, the self employment form allows for many deductions. All you have to do is find the ones which apply to your business.

In this series of free tax advice videos, our professional accountant will show you how to save money on your self employment taxes. Tom Choisnet tells you how to claim deductions if you are a performing artist, home business owner or minister. Learn about tax categories such as omission of income, foreign exclusion and debt cancellation. Find out if you can deduct club dues or unemployment checks on your return. Tom also shares his tips for interpreting the fifty percent rule and the alternative minimum tax. Watch this series and save money on your taxes!