Special Articles

Self Employment Taxation - The Basics

By Peter Jason Riley

Income from self-employment is subject to two levels of taxation

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Other issues to be considered:

One last matter of concern for self-employed individuals is the high rate of Internal Revenue Service audit – 4% of all schedule C filers with gross income over $100K were audited; nearly triple the rate for other taxpayers.

Remember, this is a very simple outline of the basic tax matters involved in self-employment income. It is not meant to be the complete story!

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