Tax Calculators ...
For The Self-Employed In The U.S.

by Bookkeeping Essentials
(BC Canada)

The National Association for the Self-Employed (NASE) has seven tax calculators specifically developed for the self-employed in the U.S.

Each tax calculator helps you estimate your tax liability under different scenarios.

Here are the tax calculators offered:

  1. Detailed Estimated Tax Calculator

  2. Home Office Deduction Calculator

  3. Interactive Schedule C Tax Planning Tool

  4. Medical Reimbursement Plan Calculator

  5. Quick Estimated Tax Calculator

  6. Safe harbor Estimated Tax Calculator

  7. Self Employment Tax Calculator


These calculators can be found at www.nase.org> Knowledge Center> Tax Resource Center> Tax Calculators.

In the Tax Resource Center, you'll also find links to IRS tax forms you may need.

While you are there, take a look at their publications:

  • NASE Health Resource Guide contains information on purchasing individual health insurance.

  • Schedule C: From A to Z is the sole proprietor's Guide to Tax Savings. It has a line by line breakdown of the Schedule C and home office deduction tax forms to assist you in understanding your tax liabilities.

Comments for Tax Calculators ...
For The Self-Employed In The U.S.

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Dec 07, 2010
 7 Tax-Saving Year-End Tax-Planning Tips
by: Bookkeeping Essentials

Accounting Today has an excellent article titled 7 Tax-Saving Year-End Tax-Planning Tips.

Talk to your accountant about:

  1. Why you might want to accelerate itemized deductions into this year.


  2. Should you defer income into 2011.


  3. How to time your investment gains and losses.


  4. How to maximize contributions to your 401(k) Plans.


  5. How to take advantage of flexible spending accounts.


  6. When to adjust your federal income tax withholding.


  7. Why you should make energy efficient improvements to your home.


You can find the article at institute.accountingtoday.com> sitemap (at the bottom)> newswire> 7 Tax-Saving Year-End Tax-Planning Tips (written on December 7, 2010)
Dec 21, 2010
 Year end Tax Planning
by: Lakeshore Bookkeeping Services

Accounting Today has another article on year end tax planning but there are "only a handful of days remain to execute year-end tax strategies".

The first year-end article posted on December 7th, focused on acceleration or deferment of gross income.

This article looks at deductions/credits by examining ways to lower your overall tax liability between 2010 and 2011.

Two questions are posed for maximizing deductions:

"1. Is the deduction restricted by the taxpayer's adjusted gross income level or other ceiling or floor?

2. Given the taxpayer's anticipated income tax bracket in 2010 as compared to 2011, in which year will the deduction reduce a greater dollar amount of tax?"

Roth conversions and rescissions are also reviewed.


Reference: Accounting Today for the WebCPA, 2010 year-end tax planning: Deductions and Do-overs, by GEORGE G. JONES AND MARK A. LUSCOMBE, December 13, 2010
Mar 14, 2011
 Self-Employed Health Insurance
by: Bookkeeping-Essentials

IRS Tax Tip 2011-51 explains that self-employed individuals who file a Form 1040 Schedule C, Schedule C-EZ, or Schedule F ... AND have a profit are eligible for a special tax deduction.

You can deduct premiums for you, your spouse and dependents for medical, dental, and qualified long-term care insurance.

The plan must be established under your business but the policy itself can be in the business name or your name ... as you are self employed.

For more information, see IRS Publication 535 Business Expenses.

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