The Peck Group, LC
  • Comprehensive Tax Law Representation Since 1995

    We handle every aspect of tax law: preparing tax returns, representing clients during audits, resolving IRS and state tax controversies, and creating tax planning strategies for the future.

  • Problems With The IRS Or State Tax

    Our attorneys are committed to providing efficient and effective tax solutions for individuals and businesses in Georgia and nationwide.

  • Planning For The Future

    Our lawyers help individuals and businesses with all aspects of estate and tax planning. We help our clients use proactive strategies to minimize tax implications in the future

  • Changing The Balance Of Power

    Does it feel like the government has all the power? Taxpayers have rights, too. We use our knowledge of tax law to shift the balance of power and ensure that your rights are protected.

  • Tax Solutions … And Peace Of Mind

Self employed? You still need to pay taxes

Being your own boss can be enormously fulfilling, but it can be enormously stressful as well. Being self-employed gives you the freedom to run a business as you see fit, but it also puts all the obligations and responsibilities of a traditional employer on your own shoulders.

One such responsibility includes paying employment taxes. Just because you might be your own boss and may be the only employee at your company does not mean you are exempt from paying taxes. If you are starting your own business or have started your own business in the past few months, you need to know about income and self-employment taxes now in order to avoid complications and run-ins with the IRS when you file your return next year.

To begin with, you should understand that not every self-employed person needs to remit taxes to the IRS. Unless your net earnings are $400 or more, you do not need to file an income tax return.

There are also self-employment taxes that need to be taken into account. When you work for another employer, that employer is expected to withhold a percentage of your pay for Social Security and Medicare. However, when you are your own employer, you must be sure that you are making these taxes payments yourself. In some cases, you may need to make estimated tax payments every quarter.

Failure to pay income or self-employment taxes can prove to be a very costly mistake. You could wind up facing costly penalties and interest payments that could be overwhelming for a person who is self-employed.

If you have questions or concerns about your tax obligations as someone who is self-employed, it can be crucial that you address them with an attorney sooner, rather than later. Acting fast can help you get on the right track and make the right decisions to avoid mistakes with your taxes that could come back to haunt you in the next year.

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The Peck Group, LC
5855 Sandy Springs Circle N.E., Suite 190
Atlanta, GA 30328

Phone: 770-884-6914
Fax: 770-933-2369
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