Tax help for the self employed

Why it matters

When you work for yourself, no one takes tax out of your pay. The whole bill lands in April unless you pay as you go.

On top of income tax, you owe self employment tax for Social Security and Medicare. Miss a few quarters and the bill grows fast with penalties and interest.

If you are behind, you still have choices. A tax pro can look at payment plans, penalty relief and other options for your case.

• Self employment tax is 15.3%: 12.4% for Social Security and 2.9% for Medicare. No boss pays half for you.
• You owe self employment tax once your net earnings from self employment hit $400 in a year.
• Schedule SE starts by taking 92.35% of your profit. That is the amount the 15.3% is figured on.
• For 2025, the Social Security part stops at $176,100 of self employment income. Medicare has no cap.
• You generally must pay estimated tax if you expect to owe $1,000 or more when you file.
• You usually avoid the underpayment penalty if you paid at least 90% of this year's tax or 100% of last year's.
• Estimated tax is due April 15, June 15, Sept. 15 and Jan. 15 of the next year.

What a tax pro may ask you

Have these ready. Clear answers help a tax firm see what fits you.

• What kind of work you do and how you get paid
• If you paid any estimated tax this year or last
• Which tax years you have not filed
• The notice code in the top right corner of any IRS letter

Common questions

Ways to get help

Results depend on your situation. Not every case qualifies.