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Death is no't the wo'rst thing; rather, when o'ne who' craves death canno't attain even that wish.
Charity Villemarette

Self-Employment Tax

Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. Your payments of SE tax contribute to your coverage under the social security system. Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits.
Generally, you must pay SE tax and file Schedule SE (Form 1040) if either of the following applies.

• If your net earnings from self-employment were $400 or more.
• If you work for a church or a qualified church-controlled organization (other than as a minister or member of a religious order) that elected an exemption from social security and Medicare taxes, you are subject to SE tax if you receive $108.28 or more in wages from the church or organization.

Note: There are Special Rules and Exceptions for aliens, fishing crew members, notary public, State or local government employees, foreign government or international organization employees, etc. For additional information, refer to Self-Employment Tax.

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Tax tips for the year

· Keep a record of every deposit made to all bank accounts. Record all money coming in, whether taxable or not. At a minimum, note in your check register the source of each deposit. The search for unreported business income is the IRS' number one focus right now.

· Deposit all money from the business into your business account. From there, money can be transferred to your personal account.

· Use one of your credit cards just for business expenses. The card does not need to be in the name of your business. This will probably make your business recordkeeping easier, plus personal credit card interest is not deductible while business credit card interest is 100% deductible.

· Keep the original receipts from any business expenses you charge. The monthly statement doesn't provide enough information.

· Choose one place (such as a box or envelope) to keep all business receipts. That way, you won't forget to include any expenses on your tax return

· Your appointment book or calendar is an important part of your tax materials and should be kept with them from year to year.

· Every December 31^st, write down your car's odometer reading. If you do this, you'll automatically know how many miles you drove during the year. You still need records showing how many of those miles were driven for business. In an IRS audit, all vehicle expenses will be disallowed unless you have a mileage log or other proof of business miles driven.

· Consider using a computer program to record your business income and expenses. While this is certainly not a requirement, using a spreadsheet program such as Excel©, a personal finance program such as Quicken© or Money©, or an accounting program such as Quickbooks© or M.Y.O.B© can make your recordkeeping easier. In addition, you'll be able to see, throughout the year, how your business is doing.

· Find out whether you need to make quarterly estimated tax payments to the IRS and/or your state and, if so, make them on time. Information on making federal payments can be found in form 1040ES, available at www.IRS.gov

With good expense records and attention paid to every possible deduction, your tax liability can be reduced, allowing you to keep more of your hard earned profits. HBM

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