Truth 29. Self-employment tax considerations

Being your own boss has lots of advantages. It also comes with plenty of responsibilities, including new tax tasks.

Some of your tax duties will cost you, both time and money. Others, however, provide some savings.

Your business tax identity—How you set up your business determines in large part what forms to file, your tax deadlines, and even if the IRS wants a new taxpayer identification number from you.

For example, if you operate you business as a corporation or a partnership, you’ll need to obtain an Employer Identification Number (EIN). An EIN also is required if you have employees. You can get an EIN at no cost by calling the IRS’s Business and Specialty Tax division at (800) 829-4933 ...

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