What are the rules for filing a tax return if I’m self-employed?

In Arizona, self-employed individuals are required to file a tax return and pay taxes on their income. The rules for filing a tax return depend on whether you are considered a statutory employee or a self-employed individual. Statutory employees are those who are in a contractual relationship with their employer and paid on a regular basis. These individuals do not have to pay self-employment tax, and their income is reported on Form W-2. Self-employed individuals, on the other hand, are liable for both the employer and employee portions of the Social Security and Medicare taxes, and their income is reported on a Schedule C or other form designated for self-employment tax. Self-employed individuals must file a Schedule C with their Form 1040 to report their net income, which is the amount left from all of the business profits and expenses after deductions have been taken. You may also be required to make estimated tax payments throughout the year, and you must pay these taxes by the 15th day of the fourth, sixth, and ninth months. To complete your tax return, you will need to file Schedules SE and EETAX, which are used to calculate your Social Security and Medicare taxes, and a Schedule H, which is used for filing additional taxes that are due. When filing your tax return, make sure that you include all of your business income and expenses, as well as any credits that you may be eligible for. Additionally, if you have employees, you must file a Form 941 each quarter. Failing to do any of these things can result in fines, fees, and other penalties from the IRS. As a self-employed individual, it is important to make sure that you are aware of all of the tax laws and regulations in Arizona and file your tax return accurately and on time.

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What are the rules for filing a tax return if I’m self-employed?

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