" Six Tax Tips For Self Empoyed..."

List following six tips for the Self Employed:
1.  Self Employed Income includes your W2 Wages and other part time compensation.
2.  File Schedule C or C-EZ in addition to 1040 Form showing Income & Expenses to generate it.
3.  Self Employed people pay Self Employment Tax which includes Social Security & Income tax on  Schedule SE.
4. If you are Self Employed all year, you should plan to pay Estimated Taxes.
5. Some assets like Appliances, Furniture, Computer ( % of Business Use ) may be depreciated over its useful life.
6. Only Ordinary & Necessary cost of business appropriate for your trade or industry can be deducted as Business Expense.

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Kash, @ Yajnik & Mehta Associates (925) 963 4891
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