1099 Self-employment tax filers
At TaxesbyRoss, we recognize the unique financial challenges faced by 1099 self-employed professionals, including gig workers, freelancers, and healthcare contractors. Our comprehensive tax services are meticulously designed to address these specific needs, ensuring compliance and optimizing financial outcomes.
Key Features and Benefits:
Compliance Assurance: We ensure adherence to all tax laws and regulations, mitigating the risk of audits and penalties.
Expert Tax Preparation: Our seasoned professionals specialize in self-employment tax regulations, providing accurate and efficient tax filing services tailored to your unique situation.
Strategic Tax Planning: We offer personalized strategies to minimize tax liabilities, maximize deductions, and plan for future financial growth.
Set-Aside Calculator: Understanding the importance of budgeting for tax obligations, we’ve developed the Set-Aside Calculator. This innovative tool assists you in determining the appropriate amount to reserve from your income for taxes, preventing unexpected liabilities.
Addressing Your Needs:
Navigating self-employment taxes can be complex and time-consuming. Our services alleviate this burden by providing expert guidance, accurate calculations, and proactive planning, allowing you to focus on growing your business with confidence.
Understanding Self-Employment Tax:
Self-employed individuals are responsible for paying both the employer and employee portions of Social Security and Medicare taxes, collectively known as self-employment tax. This amounts to 15.3% of your net earnings, comprising 12.4% for Social Security and 2.9% for Medicare. Properly calculating and setting aside funds for these taxes is crucial to avoid year-end surprises.
Our Streamlined Process:
- Initial Strategy Session – We start with a consultation to understand your income sources, expenses, and financial goals.
- Document Review & Income Breakdown – We help you gather and organize 1099s, receipts, and business-related records.
- Tax Analysis & Set-Aside Guidance – Using tools like our custom Set-Aside Calculator, we show you how much to reserve monthly to cover federal and self-employment taxes.
- Quarterly Support – We’ll calculate and schedule your estimated quarterly tax payments, ensuring you stay compliant and avoid year-end surprises.
- Year-End Filing & Deduction Maximization – We prepare and file your return, leveraging deductions like home office, vehicle use, and business expenses to lower your liability.
- Year-Round Support – Need to plan for a high-income month or major purchase? We’re here all year, not just in tax season.
TaxesbyRoss empowers you with proactive tools and expert guidance. Our goal isn’t just compliance—it’s building lasting financial clarity.