Small-business & self-employed surprises at tax time [Video]

(BPT) – Block Advisors helps small-business owners understand and anticipate tax surprises. Small-business owners may be surprised to learn when filing their tax return for the first time that in addition to income taxes, they owe another 15.3 percent in self-employment tax on their net self-employment income. That means paying the IRS becomes a quarterly event, which even has estimated tax payments. Tax reform impacts everyone, and eligible businesses will get a 20 percent deduction off their net income provided they meet certain rules regarding income and type of business. Taxpayers who have questions or need help can get matched with a tax advisor online.