Are you a selfemployed entrepreneur? Do you get a 1099, own a Single Member LLC, and file a Schedule C tax return? This video post covers the critical selfemployed tax basics to keep you in good graces of the IRS.

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You will have to file a “Schedule C” with your individual tax return. What is a Schedule C?

WAIT! Here’s How Taxes Work

* You only pay tax on your business’s net income
* You pay TWO types of taxes as a selfemployed
* Income Tax (on your profits)
* SelfEmployment Taxes (15.3% of ALL profits)
* You do NOT pay additional taxes on distributions
* You SHOULD pay estimated taxes (each quarter)
* You file ONE tax return per YEAR (Schedule C, on your 1040)