Tax Services
Self Employed and 1099 led by Manhattan CPAs
Self-employed and 1099 tax preparation serves independent contractors, freelancers, consultants, and small business owners who receive income reported...
Service Overview
Self-employed and 1099 tax preparation serves independent contractors, freelancers, consultants, and small business owners who receive income reported on Form 1099. This service covers Schedule C preparation for business income and expenses, self-employment tax calculations, and quarterly estimated tax planning. We handle business deductions, home office expenses, and vehicle mileage for those with independent work arrangements.
The service includes organizing business income records, categorizing deductible expenses, and calculating self-employment taxes. We review business receipts, mileage logs, and equipment purchases for proper deduction eligibility. For Manhattan, NY freelancers, we ensure compliance with local business tax requirements and help with quarterly estimated tax payments to avoid underpayment penalties.
Typical documents include 1099 forms from clients, business bank statements, expense receipts, and mileage records. We help with quarterly estimated tax calculations to avoid penalties and ensure proper self-employment tax payments. The process involves separating business and personal expenses, calculating depreciation for equipment, and preparing accurate Schedule SE for self-employment taxes.
We prepare Schedule C with all business income and deductions, calculate quarterly estimated payments, and ensure proper reporting of business use of home or vehicle. For self-employed individuals with employees, we coordinate with payroll services. The service benefits those who want professional handling of complex self-employment tax rules without full business accounting services.
What You Get
- ✓Schedule C preparation for business income and expenses
- ✓Self-employment tax calculation on Schedule SE
- ✓Quarterly estimated tax payment calculations
- ✓Home office deduction calculations
- ✓Vehicle expense and mileage log review
- ✓Equipment depreciation and Section 179 deductions
- ✓Business expense categorization and verification
- ✓Profit and loss statement preparation
Manhattan, NY Specific Information
What expenses can I deduct as a self-employed person in Manhattan, NY?
As a self-employed person in Manhattan, NY, you can deduct business expenses including home office costs, vehicle mileage, equipment purchases, software, professional fees, and advertising. We review all expenses to ensure they meet IRS requirements for business use.
How do you handle quarterly estimated taxes for Manhattan freelancers?
For Manhattan, NY freelancers, we calculate quarterly estimated tax payments based on previous year income and current projections. We help you make timely payments to avoid underpayment penalties and ensure proper self-employment tax coverage.
What if I use my home for business in Manhattan, NY?
For Manhattan, NY home-based businesses, we calculate the home office deduction based on square footage used exclusively for business. We ensure proper measurement and documentation to support the deduction claim on your tax return.
Do you help with self-employment tax calculations in Manhattan, NY?
Yes, we calculate self-employment tax on net business income for Manhattan, NY self-employed individuals. This includes the employer and employee portions of Social Security and Medicare taxes, ensuring proper payment and deduction eligibility.
What about vehicle expenses for Manhattan business owners?
For Manhattan, NY business owners with vehicle expenses, we accept both standard mileage rates and actual expenses. We review mileage logs and maintenance records to determine the most beneficial method and ensure proper business use documentation.
How do you handle equipment purchases for Manhattan freelancers?
We help Manhattan, NY freelancers with equipment purchases by calculating depreciation, Section 179 deductions, or bonus depreciation. We ensure proper categorization and documentation for computers, cameras, tools, and other business equipment.
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Ready to get started with Self Employed and 1099?
Contact our Manhattan-based CPAs for professional self employed and 1099 services. We understand your specific tax situation and can help you navigate complex requirements with confidence.