Serving Fairfield, Gettysburg, and Waynesboro in PA, and Emmitsburg, MD
Self-Employed Tax Preparation in Fairfield, Adams County, PA
Helping You Navigate Your Taxes with Expertise and Precision Since 1987
At Lockwood Business Support Service, we specialize in offering comprehensive self-employed tax preparation services tailored to meet the unique needs of freelancers, independent contractors, and small business owners. As an experienced self-employed tax preparation company, we understand the complexities that come with self-employment taxes. Our goal is to ensure your filing process is smooth, efficient, and compliant with all tax regulations.
Our expert tax preparers are fully equipped to handle all aspects of your self-employment tax filing, from organizing your financial records to submitting your returns accurately and on time. We are dedicated to helping you navigate tax deductions, credits, and other opportunities that can reduce your tax burden and maximize your return.
What Self-Employment Tax Preparation Entails
Self-employment tax preparation involves managing and reporting income and expenses for individuals who work for themselves. Unlike traditional employees who receive W-2 forms, self-employed individuals are responsible for their tax filings, which include paying both the employer and employee portions of Social Security and Medicare taxes. This can be complex and requires careful planning, accurate documentation, and an understanding of the tax laws specific to self-employment.
Here's what self-employment tax preparation entails:
- Accurate Income Reporting
- Tracking and Managing Business Expenses
- Calculating Self-Employment Taxes
- Filing Required Tax Forms
a. Schedule C: Reports profit or loss from a business.
b. Schedule SE: Calculates self-employment tax.
c. Form 1040: Used to report personal income along with business income.
- Quarterly Estimated Tax Payments
Our Self Employed Tax Preparation Services
At Lockwood Business Support Service, we provide expert self-employed tax preparation services designed to help freelancers, contractors, and small business owners navigate the complexities of tax filing. Our team ensures accurate income, deductions, and credits reporting to minimize your tax liability while keeping you compliant with federal and state tax laws.
Income and Expense Tracking
We help self-employed individuals track their income and business expenses year-round to ensure accurate reporting at tax time. From receipts to bank statements, we organize your financial data and prepare you for tax season.
Tax Filing for Self-Employed Individuals
As a trusted self-employed tax preparation company, we handle the preparation and filing of your federal and Pennsylvania state taxes, including both your personal and business income, ensuring compliance with all IRS regulations.
Deductions and Credits Maximization
Self-employed individuals are eligible for various deductions that can significantly lower their taxable income. We help you identify deductions related to home office expenses, vehicle use, business supplies, etc. Our goal is to maximize your refund or reduce your tax liability.
Quarterly Estimated Tax Filings
Self-employed individuals are often required to pay estimated quarterly taxes. We can assist in calculating these payments and ensuring timely submission to avoid penalties.
1099 and Other Business Forms Preparation
We assist with preparing and filing 1099 forms and other relevant documents. Whether you're an independent contractor, freelancer, or small business owner, we ensure all necessary forms are submitted correctly and on time.
Tax Planning for Self-Employed Individuals
In addition to tax preparation, we provide tax planning services to help you minimize future tax liabilities. This includes advising on retirement savings, deductions, and business structure optimization (e.g., LLC vs. Sole Proprietorship).
Audit Assistance and Support
In the event of an IRS audit, we offer support and guidance to ensure you're prepared. Our experience with self-employment taxes allows us to represent you and communicate with the IRS on your behalf.
State and Local Tax Filing
Beyond federal tax filing, we help you navigate state and local tax requirements, ensuring compliance with your area's specific tax laws.
Ongoing Tax Consultation
Our relationship doesn't end at tax filing. As your trusted tax preparer, we offer year-round support, answering any questions or concerns you have about tax matters related to your self-employment.
Important Dates & Deadlines
Staying on top of tax deadlines is crucial to avoid penalties and ensure timely filing. Key deadlines for self-employed individuals include:
- April 15th: Tax return due for the previous year.
- Quarterly Estimated Tax Payments: They are due on April 15th, June 15th, September 15th, and January 15th (of the following year).
We'll help you track these dates and ensure you get all the critical deadlines.
Documents You'll Need
To ensure your tax return is filed correctly, please gather the following documents:
- Income Statements (1099-MISC, 1099-NEC, or any other self-employment income reports)
- Expense Records (receipts, invoices, or statements for business-related expenses)
- Mileage Log (if you claim business-related vehicle expenses)
- Home Office Records (if you qualify for the home office deduction)
- Prior Year Tax Returns (if available)
Contact Us Today!
Ready to take the stress out of tax season? Contact us today to schedule a consultation for your self-employed tax preparation.