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

If you are self-employed in Virginia, then you are responsible for filing your own taxes. This could include income received from freelance work, operating a business, or having rental or investment income. Before you file your taxes, you should make sure to accurately estimate your income and expenses for the year. You need to file an annual federal income tax return to the IRS, as well as an annual state income tax return to Virginia. The forms you need to fill out depend on your business structure. For example, if you are a sole proprietor, then you will need to fill out a Schedule C form. You will also need to pay estimated taxes four times a year. You can pay these taxes either through the Electronic Federal Tax Payment System (EFTPS) or by using form 1040-ES. If you are self-employed, you can qualify for deductions that other taxpayers may not be able to benefit from. This includes deductions for business expenses such as office supplies, travel and entertainment, health insurance, and vehicle expenses. Finally, make sure you understand Virginia’s tax laws. These laws can change from year to year, so you should consult a tax specialist or the Revenue Department to ensure your taxes are filed properly.

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

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