The Tax Time Bomb: Are You Prepared for Self-Employment Tax Consequences?

Are you one of the 27 million self-employed Americans? If you’ve made over $400 in self-employment income in any given year, there’s a good chance you were required by the Federal Government to pay Self Employment Tax. And hopefully you did.

Self-employment tax payments are used to fund Medicare and Social Security, and they are how self-employed and small business owners pay their share of this tax. You must pay this tax to qualify for Social Security, and no, you can’t opt out. In fact, failure to accurately report and pay self-employment tax could land you in serious trouble with the IRS. Lack of awareness or understanding is no excuse. The IRS will do everything in their power to compel you to pay your tax obligations, including seizing your property and taking money directly out of your bank account.

If you’re one of the many self-employed Americans facing potential collection from the IRS, you need to take action immediately. Give us a call at 833-720-8080 and see how Milestone Tax Solutions can help you resolve your tax problems.