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How to File Your Taxes if You Are Self Employed

Posted on December 16, 2011 at 11:53 PM Comments comments (244)
Georgia tax servicesIf you are self-employed, it is important to understand how to properly file your taxes. The self-employed do not have tax money automatically taken out of each check and pay their own expenses, so there are extra considerations to take into account other than the standard dependents, deductions and so on. Self-employment tax rate is currently 13.3 percent, which must be paid on earnings of $400 or more. Self-employed individuals can take deductions for work expenses and health insurance, but to make sure that you are getting the proper deductions and amounts, consult a trusted tax preparation company for assistance.
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What Are the Penalties For Filing Your Tax Return Late?

Posted on December 16, 2011 at 11:50 PM Comments comments (25)
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If you file your taxes late, what are the penalties for doing so? Filing taxes and paying taxes are separate issues, so sometimes the penalty is nothing. The tax filing due date is April 15th, unless you ask for an extension until October 15th. If you owe no tax, you do not have to file, but you do give up any refunds that you might have been entitled to. Otherwise the penalty for not filing are standard late penalties and interest. For those who want more information on their specific tax situation, consider asking a tax professional for further advice.
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