Writers and the Self-Employment Tax

Once your self-employment income as a writer, editor, illustrator or researcher shows a profit on Schedule C, that income will be subject to federal income tax and self-employment tax. It is not unusual for a self-employed person, finally breaking into profitability, to avoid federal income tax due to the standard deduction and personal and dependent exemptions, and other items on their tax return. However, the self-employment tax [SECA] is not part of that computation and usually survives as a “balance due” item.

Read more at:  www.taxsolutionsforwriters.com

Tags: , , , , , ,

Leave a Reply