Watercooler: Self-employment and taxes
Self-employment can create a strong sense of empowerment. But like every business, self-employed individuals must also pay taxes.
The tax rules aren't exactly the same for people who work for a company. A number of websites, however, offer a wide range of information on tax requirements and planning. Here are just a few:
Financial Web • Features self-employed taxes overview at http://bit.ly/W8NFYV.
FindLaw • Contains host of information, including tax rates and deduction details at http://bit.ly/W1ZW0W.
Internal Revenue Service • Explains tax obligations, filing and payments, at http://1.usa.gov/QPxr1O.
National Association for the Self-Employed • Resource center with tax news, forms and assistance at http://bit.ly/dXn0pU.
Social Security Administration • Lays out income tax rules for Social Security and Medicare taxes, deductions and reporting earnings at http://1.usa.gov/ppCDGx.