{"id":58044,"date":"2024-04-25T11:19:21","date_gmt":"2024-04-25T18:19:21","guid":{"rendered":"https:\/\/honeybook-v2.site.strattic.io\/?p=58044"},"modified":"2024-05-09T13:41:31","modified_gmt":"2024-05-09T20:41:31","slug":"how-to-file-self-employed-taxes","status":"publish","type":"post","link":"https:\/\/hbb.dev.reliablepenguin.com\/blog\/how-to-file-self-employed-taxes","title":{"rendered":"How to file self-employed taxes"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><em>Learn how to file self-employed taxes properly by considering what to set aside each quarter and year, how to track deductions, and how to work with a professional bookeeper.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"793\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/filing-taxes-1-1024x793.png\" alt=\"\" class=\"wp-image-94621\" srcset=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/filing-taxes-1-1024x793.png 1024w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/filing-taxes-1-300x232.png 300w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/filing-taxes-1-768x594.png 768w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/filing-taxes-1-1536x1189.png 1536w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/filing-taxes-1.png 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>It\u2019s that time of year: we\u2019re officially in the middle of tax season. For the eager few, you may have already received your refund, but for many others, you\u2019re already thinking about filing an extension for your self-employment taxes.&nbsp;<\/p>\n\n\n\n<p>If you\u2019re in the latter group, fear not. It\u2019s easy to learn how to file <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/tools\/self-employment-tax-calculator\" target=\"_blank\" rel=\"noreferrer noopener\">self-employed taxes<\/a> as long as you stay organized and don\u2019t skip any steps.<\/p>\n\n\n\n<p>Many of these tips for filing self-employment taxes are best used year-round. The earlier you start organizing your expenses and finances, the simpler it will be to pay self-employment tax each year. If you have only a few weeks or months to prepare for filing this year, check out our <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/the-diy-tax-filing-checklist-that-every-small-business-owner-needs\" target=\"_blank\" rel=\"noreferrer noopener\">tax filing checklist<\/a> to ensure you have everything you need.<\/p>\n\n\n\n<p>Jump to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#know\">What to know about the self-employment tax rate for 2024<\/a><\/li>\n\n\n\n<li><a href=\"#7-tips\">7 tips for self-employment taxes<\/a><\/li>\n\n\n\n<li><a href=\"#self-employed\">Who has to file taxes on self-employment income?<\/a><\/li>\n\n\n\n<li><a href=\"#Avoid\">Avoid these 7 common tax-filing mistakes<\/a><\/li>\n\n\n\n<li><a href=\"#easier\">Make self-employment taxes easier with HoneyBook<\/a><\/li>\n<\/ul>\n\n\n\n<span id=\"know\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"know\"><strong>What to know about the self-employment tax rate for 2024<\/strong><\/h2>\n\n\n\n<p>The self-employment tax is an additional cost that self-employed taxpayers must account for, on top of their income tax rate. Your tax bracket determines your income tax rate, but the self-employment rate is set each year. The IRS imposes this tax because you don\u2019t have a typical employer taking out employment taxes for you.<\/p>\n\n\n\n<p>For 2024, the self-employment tax rate is 15.3%, which is broken down this way:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>12.4% for Social Security tax<\/li>\n\n\n\n<li>2.9% for Medicare tax<\/li>\n<\/ul>\n\n\n\n<p>Note that the rate stayed the same from 2023 to 2024, and it only applies to $160,200 of your taxable income. Anything beyond that limit is only taxed at the Medicare rate of 2.9%. You\u2019ll report these taxes on Schedule SE of Form 1040, which is the <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/self-employed-individuals-tax-center\" target=\"_blank\" rel=\"noreferrer noopener\">Self-Employment Tax IRS form<\/a>.<\/p>\n\n\n\n<p>Knowing this rate means you can start calculating what you owe, which is especially important when you\u2019re preparing to pay estimated taxes, submitted quarterly. The next section discusses this requirement and other pro tips for getting your self-employment taxes taken care of the right way.<\/p>\n\n\n\n<span id=\"7-tips\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"7-tips\"><strong>7 tips for filing self-employment taxes<\/strong><\/h2>\n\n\n\n<p>Filing and paying taxes involves many moving parts. Tax law can be incredibly complicated, and it\u2019s never fun to see a portion of your earnings deducted. However, with the right strategy, you can make the most of your self-employment tax process, ensuring you\u2019re taking all applicable deductions and credits while avoiding penalties or issues.<\/p>\n\n\n\n<p>These 7 tips will help you get on the right track:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Make efficient quarterly payments<\/h3>\n\n\n\n<p>\u201cHow much will I get back?\u201d is a common question. If you had withholding on a W-2 or made estimates throughout the year, this is a valid consideration. If you had income and no withholding and made no estimates, then a more likely question is, \u201cDid I set enough aside to cover my taxes?\u201d<\/p>\n\n\n\n<p>So what are tax estimates? If you\u2019re self-employed, you generally need to make estimated tax payments. And it\u2019s important to be aware of the quarterly income tax estimates you should make for both federal and\u2014for most of you\u2014state income tax.<\/p>\n\n\n\n<p>Quarterly estimates are generally due in April, June, September, and January, usually on the 15th of the month. The idea is to pay about a quarter of the taxes you owe based on last year\u2019s net income on a quarterly basis to avoid penalties.<\/p>\n\n\n\n<p>Check your form 1040-ES for your prior year\u2019s return for your federal income tax estimate\u2014it may even already have the numbers filled out. However, if you made less than last year, you may want to work with a tax professional to calculate a lower estimate.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. File an annual tax return<\/h3>\n\n\n\n<p>All business owners and self-employed taxpayers still must <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/self-employed-individuals-tax-center#AnnaulReturn\" target=\"_blank\" rel=\"noreferrer noopener\">file an annual tax return<\/a>. This return reports all income from the year and deductions, such as business expenses. You\u2019ll also report the quarterly payments you made throughout the year to show compliance.<\/p>\n\n\n\n<p>While quarterly tax payments plus your annual return may sound like too many responsibilities, they help you stay in good standing with the IRS and avoid penalties and interest.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Set aside 30% of your net earnings<\/h3>\n\n\n\n<p>A good rule of thumb is to set aside at least 30% of your net business income for income taxes if they aren\u2019t being taken out of your pay, including self-employment tax. If you live in a state like New York or California, that number may be closer to 40%.<\/p>\n\n\n\n<p>Even if you\u2019re making your estimates by using the vouchers and instructions from last year\u2019s filing, you may still owe more if your situation changes or you made more money this year.<\/p>\n\n\n\n<p>An excellent best practice is to look at your monthly net income (revenue minus expenses) and multiply it by 30%. Put that in your separate tax savings account, and hold on to it until you file your taxes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Save travel and meal receipts for tax deductions<\/h3>\n\n\n\n<p>You don\u2019t have to save all of your receipts in order to get your bookkeeping finished, or even do your tax return, as long as you have bank or credit card transactions to rely on. With small business CRMs like HoneyBook, you can also track expenses easily as you go so there\u2019s no need to hold on to paper receipts or try to keep a messy spreadsheet up to date. Be sure to keep track of all the business tax deductions you\u2019ll be eligible to write off on your taxes.<\/p>\n\n\n\n<p>However, you do need to save receipts for meals and travel expenses over $2,500. Whenever you use your business card for a meal, be sure to write on it who you were with and what the business purpose was. Then, save it in a cloud-based storage solution for easy access in case you\u2019re ever audited.<\/p>\n\n\n\n<p>The burden of proof is on you to prove to an auditor that the meal, travel, or expense was for business. Document your evidence. This also goes for ambiguous vendors on your statements, like Amazon.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Properly track your mileage<\/h3>\n\n\n\n<p>If you drive for your freelancing work, you are probably entitled to a mileage deduction. Make sure you track your mileage\u2014you\u2019ll need to know the total driven as well as the personal miles. If you\u2019re into apps, consider using <a href=\"https:\/\/mileiq.com\/?utm_term=mileiq&amp;utm_campaign=MileIQ:+Teams:+Brand+-+US&amp;utm_source=adwords&amp;utm_medium=ppc&amp;hsa_acc=5792058285&amp;hsa_cam=15269388148&amp;hsa_grp=162775908691&amp;hsa_ad=679125776324&amp;hsa_src=g&amp;hsa_tgt=kwd-643350438952&amp;hsa_kw=mileiq&amp;hsa_mt=e&amp;hsa_net=adwords&amp;hsa_ver=3&amp;gad_source=1&amp;gclid=Cj0KCQjw-_mvBhDwARIsAA-Q0Q7Q0qZx0-e8D-cwb8QLh1ZCUWBgoHKQtUNa4WID9BAH7ryHvWet8h8aAiOTEALw_wcB\" target=\"_blank\" rel=\"noreferrer noopener\">MileIQ <\/a>to automatically log your miles.<\/p>\n\n\n\n<p>If you prefer a more analog approach (or just like buying moleskins), then get a little notebook for your console and be sure to write your starting mileage, ending mileage, date, and purpose of the business trip each time you drive.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. Consider all deductions in your tax preparation<\/h3>\n\n\n\n<p>You are entitled to legal ordinary and necessary business expenses as tax deductions. These may be meals or travel as well as equipment, software subscriptions, contractor fees, and more.<\/p>\n\n\n\n<p>Other business expenses you can deduct as a self-employed worker include the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Health insurance premiums<\/li>\n\n\n\n<li>Business insurance premiums, including business liability and malpractice<\/li>\n\n\n\n<li>Retirement contributions<\/li>\n\n\n\n<li>Training and education costs<\/li>\n\n\n\n<li>Business license costs<\/li>\n\n\n\n<li>Home office deduction<\/li>\n<\/ul>\n\n\n\n<p>Also, you can claim <a href=\"https:\/\/turbotax.intuit.com\/tax-tips\/self-employment-taxes\/the-self-employment-tax\/L8xXjolB4\" target=\"_blank\" rel=\"noreferrer noopener\">half of what you pay<\/a> in self-employment tax as a deduction on your income.&nbsp;<\/p>\n\n\n\n<p>When you\u2019re thinking about what to write off, ask yourself if it is necessary for your work. Then, keep any documentation if you think it might be a gray area, and ask your tax professional.<\/p>\n\n\n\n<p>Don\u2019t be worried about getting audited if you\u2019re not doing anything illegal and you have documentation. If you have a home office, make sure you take a picture of the space to have on hand just in case.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">7. Establish professional bookkeeping<\/h3>\n\n\n\n<p>Bookkeeping is the foundation of any financial decision, analysis, or tax filing. If you don\u2019t have bookkeeping in place, then you probably don\u2019t have a reliable set of data to be making decisions and paying taxes on.<\/p>\n\n\n\n<p>Without bookkeeping, it will also make it hard to calculate that 30% or 40% to set aside for income taxes. Good books make everything else in your financial life much easier.<\/p>\n\n\n\n<span id=\"self-employed\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"self-employed\">Who has to file taxes on self-employed income?<\/h2>\n\n\n\n<p>If you\u2019re wondering if all this applies to you, there\u2019s an easy question to ask yourself: is my self-employed income more than $400 per year? If so, you do have to file taxes on that income. Self-employment taxes will apply to nearly any business classified as a sole proprietorship. You\u2019ll still have to pay Social Security and Medicare in any scenario once you\u2019ve passed the $400 threshold.<\/p>\n\n\n\n<span id=\"Avoid\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Avoid\">Avoid these 7 common tax-filing mistakes<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Underestimating or underreporting income<\/li>\n\n\n\n<li>Commingling personal and business transactions<\/li>\n\n\n\n<li>Avoiding bookkeeping throughout the year<\/li>\n\n\n\n<li>Missing important due dates<\/li>\n\n\n\n<li>Not setting aside money for taxes<\/li>\n\n\n\n<li>Failing to understand deductions<\/li>\n\n\n\n<li>Not seeking professional help when you have questions or lack the needed systems to keep things organized<\/li>\n<\/ul>\n\n\n\n<span id=\"easier\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"easier\">Make self-employment taxes easier with HoneyBook<\/h2>\n\n\n\n<p>Just because you\u2019re self-employed doesn\u2019t mean you have to do it all on your own. Investing in bookkeeping, business management, or tax software will save you time gathering the numbers you need for expenses, business income, and more.<\/p>\n\n\n\n<p>HoneyBook is an all-in-one clientflow management software that lets you communicate with clients, accept online payments, track expenses, and view your year-end <a class=\"wpil_keyword_link\" href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/5-annual-financial-reports-update\" target=\"_blank\" rel=\"noopener\" title=\"financial reports\" data-wpil-keyword-link=\"linked\" data-wpil-monitor-id=\"563\">financial reports<\/a>. It also syncs seamlessly with <a href=\"https:\/\/help.honeybook.com\/en\/articles\/2209038-quickbooks-integration-overview-faq\" target=\"_blank\" rel=\"noreferrer noopener\">Quickbooks Online<\/a> so you can manage all your financial data in one place.<\/p>\n\n\n\n<p>Keeping tabs on your self-employment tax obligations and maintaining organized records starts with the right platform behind your business. With HoneyBook, you can keep everything in one place, which sets you up for success as you save for self-employment taxes and keep your business financially healthy.<\/p>\n\n\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"88494\" class=\"elementor elementor-88494\" data-elementor-post-type=\"elementor_library\">\n\t\t\t<div class=\"elementor-element elementor-element-af8975c e-con-full cta_click e-flex e-con e-parent\" data-id=\"af8975c\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-d21be99 e-con-full e-flex e-con e-child\" data-id=\"d21be99\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bbc2a58 elementor-widget elementor-widget-image\" data-id=\"bbc2a58\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"511\" height=\"628\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-pipeline-banner-black.png\" class=\"attachment-medium_large size-medium_large wp-image-88488\" alt=\"\" srcset=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-pipeline-banner-black.png 511w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-pipeline-banner-black-244x300.png 244w\" sizes=\"(max-width: 511px) 100vw, 511px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a747e99 e-con-full e-flex e-con e-child\" data-id=\"a747e99\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d55b379 elementor-widget elementor-widget-heading\" data-id=\"d55b379\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Everything in one place\n<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-657226d elementor-widget elementor-widget-text-editor\" data-id=\"657226d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Easily keep track of all your clients and projects using HoneyBook.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-771d280 elementor-widget elementor-widget-button\" data-id=\"771d280\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/signup\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get started<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n\n\n\n<p><em>This article is intended for general educational purposes based on generalizations and does not replace professional accounting, investment, legal, tax, or business advice. This information is based on the <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/self-employed-individuals-tax-center\" target=\"_blank\" rel=\"noreferrer noopener\">IRS guidance<\/a> for the 2024 tax year. You should employ a professional for advice on taxes, investments, the law, or any other business and professional matters.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learn how to file self-employed taxes properly by considering what to set aside each quarter and year, how to track deductions, and how to work with a professional bookeeper. It\u2019s that time of year: we\u2019re officially in the middle of tax season. For the eager few, you may have already received your refund, but for [&hellip;]<\/p>\n","protected":false},"author":213,"featured_media":94621,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[26,545],"tags":[209],"class_list":["post-58044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-tips","category-mobile-app","tag-taxes"],"acf":[],"featured_image_urls_v2":{"full":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/filing-taxes-1.png",2000,1548,false],"thumbnail":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/filing-taxes-1-150x150.png",150,150,true],"medium":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/filing-taxes-1-300x232.png",300,232,true],"medium_large":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/filing-taxes-1-768x594.png",768,594,true],"large":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/filing-taxes-1-1024x793.png",1024,793,true],"1536x1536":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/filing-taxes-1-1536x1189.png",1536,1189,true],"2048x2048":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/filing-taxes-1.png",2000,1548,false]},"post_excerpt_stackable_v2":"<p>Learn how to file self-employed taxes properly by considering what to set aside each quarter and year, how to track deductions, and how to work with a professional bookeeper. It\u2019s that time of year: we\u2019re officially in the middle of tax season. For the eager few, you may have already received your refund, but for many others, you\u2019re already thinking about filing an extension for your self-employment taxes.&nbsp; If you\u2019re in the latter group, fear not. It\u2019s easy to learn how to file self-employed taxes as long as you stay organized and don\u2019t skip any steps. Many of these tips&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/category\/finance-tips\" rel=\"category tag\">Finance tips<\/a>, <a href=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/category\/mobile-app\" rel=\"category tag\">Mobile App<\/a>","author_info_v2":{"name":"HoneyBook","url":"https:\/\/hbb.dev.reliablepenguin.com\/blog\/author\/honeybook"},"comments_num_v2":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to File Self-Employed Taxes | HoneyBook<\/title>\n<meta name=\"description\" content=\"Learn the 2024 self-employment tax rate and top tips on filing self-employment taxes, including deductions and tax pitfalls to avoid.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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