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  Why Do I Owe Self-Employment Tax? A Guide for Brentwood, Tennessee Business Owners Many self-employed people are surprised when they prepare their tax returns and discover that they owe self-employment tax in addition to regular federal income tax. This commonly affects independent contractors, consultants, freelancers, sole proprietors, and other small-business owners throughout Brentwood, Tennessee. Self-employment tax helps fund Social Security and Medicare. The general rate is 15.3% , consisting of 12.4% for Social Security and 2.9% for Medicare. It is generally calculated on 92.35% of net self-employment earnings. Additional Medicare tax may apply at higher income levels. Employees normally split Social Security and Medicare taxes with their employers. Self-employed individuals generally pay both portions because they are treated as both the worker and the employer. This is why a self-employed person may owe considerably more than someone who earns the same amount through...
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  By Tax Services of Tennessee Running a successful business takes hard work, dedication, and smart financial decisions. Unfortunately, many small business owners unknowingly make tax mistakes that can cost thousands of dollars each year. The good news is that most of these mistakes are preventable with proper planning and professional guidance. Here are the top ten tax mistakes we see most often—and how you can avoid them. 1. Waiting Until Tax Season One of the biggest mistakes business owners make is waiting until tax season to think about taxes. By then, many opportunities to legally reduce your tax bill have already passed. Meeting with your tax advisor throughout the year allows you to make informed decisions before December 31. 2. Poor Bookkeeping Accurate bookkeeping is the foundation of every successful business. Incomplete or inaccurate records often result in missed deductions, incorrect financial statements, and unnecessary stress during tax season. Keeping your b...
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  https://taxservicesoftennessee.blogspot.com/2026/07/mid-year-tax-checkup-brentwood-tn.html Mid-Year Tax Checkup for Brentwood Small-Business Owners Waiting until tax season to review your finances can lead to unexpected tax bills and missed planning opportunities. A mid-year tax checkup gives Brentwood small-business owners time to review income, expenses, estimated tax payments, payroll, and bookkeeping before the year ends. It is also a good opportunity to make sure business and personal transactions are properly separated and that all eligible deductions are being documented. If your business income has increased, your estimated payments may need to be adjusted. If profits have decreased, you may be paying more than necessary. Reviewing your records now can also uncover missing expenses, incorrect QuickBooks classifications, and opportunities involving retirement contributions, equipment purchases, or business structure. Tax Services of Tennessee helps individuals and small...
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