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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 [...] When most small business owners think about taxes, they think about Federal income taxes. But there are several other taxes that you need to know about. Self-employment tax: This is a tax that sole proprietors pay, based on their net taxable profits. Sales tax: If your state charges sales tax on products sold to customers, you’ll have to [...] |
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