|
International Home Page |
 
|
Keywords: Stock Photography Tax Tips, Tax Attorney Photo,
Travel Tax Tips
Tax Tactics
| Julian Block, a former IRS agent and tax attorney, is the author of "Julian Block's Tax Avoidance Secrets" ($29.95 p&h included, 560 pgs. Mention you are a PhotoStockNotes subscriber and receive the book for $19.95. 3 Washington Sq, Station 5, Larchmont NY 10538-2032). Julian can be reached on the PRODIGY (EXPT16B) bulletin board or join him in the Chatroom for a chat on Taxes on Monday nights at 10:00 EST. |
WHEN TO PAY SELF-EMPLOYMENT TAXES
Freelance photographers will often be engaged in several part-time businesses.
You become subject to the self-employment tax when your net earnings surpass $400 for the year. You must, warns the IRS, report your earnings and pay the self-employment tax, even if you are not otherwise obliged to file Form 1040, regardless of your age and even if you receive Social Security benefits.
A BREAK FROM THE IRS
The law gives you a break when you have more than one
self-employment operation. You can combine the earnings from
them; consequently, the losses from one or more businesses offset
the earnings from those that are profitable. At filing time, the
IRS requires you to do the paperwork on Schedule SE (Social
Security Self-Employment Tax), which goes with your Form 1040.
Stock Photography Tax Tips, Tax Attorney Photo, Travel Tax Tips
|
|
International Home Page |
|