Health Insurance Tax Breaks

One of the biggest tax breaks for self-employed business owners is the deduction for health insurance premiums. If you show a net profit on your Schedule C and you paid premiums for medical, dental, or qualified long-term care insurance for yourself, your spouse, and your dependents, you get a special deduction.

It’s not actually a deduction [...]

6 Things You Need to Know About Taxes if You’re Self-Employed

You have to report income you receive even if you don’t get a 1099 for it.
You have to report all payments you receive in cash.
Any prizes, awards, or merchandise you receive are considered to be income.
If your net earnings from self-employment are over $400 you have to pay self-employment tax.
IRS Pub 334 “Tax Guide for Small [...]